New Zealand-based insurer Tower has acknowledged the exit of one of its major shareholders — GPG.
GPG announced to the Australian Securities Exchange (ASX) today that it had divested its 33.6 per cent stake in Tower, with Tower chairman Michael Stiassny saying it was believed the majority of the shareholding had been sold to institutional investors.
In a statement released to the ASX relating to the exit by GPG, the Tower chairman said that GPG had been signaling to the market for some time "its desire to return value to its own shareholders".
He said Tower welcomed a wider range of investors and said their decision to acquire the GPG stake reflected market support for the insurer.
