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Tower Property Fund lowers YOY distribution for 2017

Tower Property Fund Ltd. decreased its 2017 distribution by 16% year over year, logging a dividend of 77.1 South African cents per share.

The distribution was lowered primarily due to the company's decision to end the payout of one-off earnings to shareholders and the uncertainty surrounding the arrears rental payment from its largest tenant in Croatia, Konzum.

As of Aug. 1, US$1 was equivalent to 13.26 South African rand.