Tower Limited has announced that the amalgamation of Tower Limited, Tower Financial Services Group Limited and Tower New Zealand Limited has been approved by the Reserve Bank of New Zealand and will take effect on September 30.
According to a statement by the company, Tower Insurance Limited will be the amalgamated and continuing company. Afterwards, it shall be renamed to Tower Limited and become the listed entity on the NZX and ASX with the ticker TWR. The insurance licence, shares, and constitution will be carried over.
Tower chief financial officer Jeff Wright said that the amalgamation reflects Tower undergoing a transformation into a simpler, more focused business.
“Tower’s prior corporate structure was designed to support many different businesses and following a period of divestment and our focus on general insurance, this new structure will reduce complexity, effort and cost,” he said.