Tune founder to swallow insurance firms
Tune Group, a company conglomerate co-owned by AirAsia CEO Tony Fernandes and his partner Kamaruddin Meranun, is looking to expand its insurance business by purchasing insurance firms in Thailand and Indonesia, Malaysian newspaper The Star reported.
Tune Group has set up an insurance arm, Tune Ins Holdings Bhd, which is expected to launch a $65 million initial public offering at the Bursa Malaysia on February 22, 2013.
The company said it was in discussions with certain insurance companies in the two countries, aiming to capitalise on their relatively strong economy and affluent population. It also wants to leverage on AirAsia’s presence in Thailand and Indonesia that would give it a competitive edge.
Tune Ins already has an 83 per cent stake in Tune Insurance Malaysia Bhd, formerly Oriental Capital Assurance Bhd. It offers general insurance products, but is also strong in online insurance and has reinsurance arrangements with various partners in 14 countries.
According to a Reuters report, Tune Ins is looking at a market capitalisation of $260 million upon listing. RHB Investment Bank is said to be the principal adviser for the IPO.
Malaysia-based Tune Group is a holding corporation encompassing Air Asia and Air Asia X (combined under Tune Air), Tune Hotels, Tune Money, Tune Talk, Tune Tones Lotus Racing and ASEAN Basketball League.
Tune Group has been expanding aggressively with its low-cost hotel chain Tune Hotels, has launched the “no-frills” online financial services portal Tune Money and operates the mobile virtual network operator Tune Talk. Many of these business lines are modeled after services introduced by UK-based Virgin Group of British business tycoon Richard Branson.
[caption id="attachment_6532" align="alignleft" width="300"] Tune Ins Berhad group structure (Click to enlarge)[/caption] Tune Group, a company conglomerate co-owned by AirAsia CEO Tony Fernandes and his partner Kamaruddin Meranun, is looking to expand its insurance business by purchasing insurance firms in Thailand and Indonesia, Malaysian newspaper The Star reported. Tune Group has set up an insurance arm, Tune Ins Holdings Bhd, which is expected to launch a $65 million initial public offering at the Bursa Malaysia on February 22, 2013. The company said it was in discussions with certain insurance companies in the two countries, aiming to capitalise on their relatively...
Tune Group, a company conglomerate co-owned by AirAsia CEO Tony Fernandes and his partner Kamaruddin Meranun, is looking to expand its insurance business by purchasing insurance firms in Thailand and Indonesia, Malaysian newspaper The Star reported.
Tune Group has set up an insurance arm, Tune Ins Holdings Bhd, which is expected to launch a $65 million initial public offering at the Bursa Malaysia on February 22, 2013.
The company said it was in discussions with certain insurance companies in the two countries, aiming to capitalise on their relatively strong economy and affluent population. It also wants to leverage on AirAsia’s presence in Thailand and Indonesia that would give it a competitive edge.
Tune Ins already has an 83 per cent stake in Tune Insurance Malaysia Bhd, formerly Oriental Capital Assurance Bhd. It offers general insurance products, but is also strong in online insurance and has reinsurance arrangements with various partners in 14 countries.
According to a Reuters report, Tune Ins is looking at a market capitalisation of $260 million upon listing. RHB Investment Bank is said to be the principal adviser for the IPO.
Malaysia-based Tune Group is a holding corporation encompassing Air Asia and Air Asia X (combined under Tune Air), Tune Hotels, Tune Money, Tune Talk, Tune Tones Lotus Racing and ASEAN Basketball League.
Tune Group has been expanding aggressively with its low-cost hotel chain Tune Hotels, has launched the “no-frills” online financial services portal Tune Money and operates the mobile virtual network operator Tune Talk. Many of these business lines are modeled after services introduced by UK-based Virgin Group of British business tycoon Richard Branson.
