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Thursday, February 21, 2013

Tune Ins eyes more acquisitions


TUNE Ins Holdings Bhd plans to spend RM50 million out of the more than RM200 million proceeds from its listing exercise on certain acquisitions.

Its chief executive officer Peter Miller said the balance of the gross proceeds will be used to repay borrowings, working capital and listing expenses.

“Indonesia will be our first target and then Thailand.
“As we will have majority stakes in the companies in those markets, all the profits can be retained in the group,” Miller said at a press conference after its listing ceremony on Bursa Malaysia yesterday.

“We see Indonesia as similar to Malaysia in terms of demographics. With the middle income group increasing, there is a need for insurance products, and this will give us a fantastic customer base,” he said, adding that currently the company has about 7.5 million customers.

Tune Ins is a regional insurance product manager for its online partners AirAsia, Tune Hotels and AirAsia Expedia.
The company’s products are sold to customers as part of their online booking process.

It also has a general insurance business in Malaysia.
Tune Ins made its debut on Bursa Malaysia’s main market yesterday at RM1.38, a three sen premium over its RM1.35 offer price.

It ended its maiden day at RM1.36, being the third most active with a total of 101.21 million shares traded.

Read more: Tune Ins eyes more acquisitions

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