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Tower Ltd Sells TOWER Medical Insurance Limited To nib holdings limited; Issues FY 2012 NPAT Guidance

Thursday, 1 Nov 2012 04:58pm EDT 

Tower Ltd announced that it has sold its health insurance business, TOWER Medical Insurance Limited, to nib holdings limited (nib) for approximately NZD 102 million. The sale of TOWER Medical Insurance Limited to nib is subject to Overseas Investment Office approval and other conditions customary for a transaction of this type. Subject to satisfaction and timing of conditions, settlement is likely to occur before December 31, 2012. In addition, it also announced that it expects its Group net profit after tax (NPAT) for fiscal 2012 to exceed the upper end of published analyst ranges. Net profit after tax is expected to be in the range of NZD 51 million to NZD 56 million, including a positive NZD 9 million discount rate effect. 

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16 Apr 2014