Tower Limited's Inclusion in NZX 50 Portfolio Index and MidCap Index

Tower Limited (ASX:TWR) has been announced to be added to the NZX 50 Portfolio Index and MidCap Index by S&P Dow Jones Indices. The inclusion is set to take place before the opening of trading on 22 October, 2024.

Tower's Executive Commentary on Inclusion in Indices

Tower Chair, Michael Stiassny, expressed, 'Tower's inclusion in the indices is a positive milestone and proud day for the Company. It is symbolic of the significant work undertaken over many years to successfully reposition Tower.' CEO Blair Turnbull emphasized Tower's focus on becoming a leading direct player in the New Zealand and Pacific markets, leveraging digital technology and data to drive efficiencies and excellent customer experiences and outcomes. He added, 'Tower is well positioned to deliver sustained performance through innovating our products and services and improved efficiencies, and ultimately attractive long-term shareholder returns.'

Summary of Tower's Inclusion in NZX 50 Portfolio Index and MidCap Index

Tower Limited's inclusion in the NZX 50 Portfolio Index and MidCap Index marks a significant milestone for the company, reflecting the successful repositioning efforts over the years. The company's focus on becoming a leading direct player in the New Zealand and Pacific markets, leveraging digital technology and data for efficiencies and customer experiences, indicates a strategic direction towards sustained performance and attractive long-term shareholder returns. The announcement also highlighted that the change is subject to Overseas Investment Office and final court approval of the scheme of arrangement for the acquisition of Arvida Group Limited by Stonepeak Alps BidCo Limited.