Sunday, 24 February 2013

Tune Insurance IPO

Britain's Prime Minister David Cameron speaks to Fernandes during a visit to Airbus UK in Broughton, north Wales. – Reuters pic

KUALA LUMPUR, Jan 7 – The founders of Malaysia’s AirAsia Bhd are expected to launch a US$65 million (RM198 million) initial public offering (IPO) of Tune Insurance Bhd by the end of February, two sources close to the deal told Reuters.

The flotation would be the first of three IPOs due to raise a combined US$500 million that Tony Fernandes and Kamarudin Meranun, founders of Asia’s largest budget carrier, are planning this year.

“An investor road show will begin towards the end of this month,” one of the sources said, declining to be named as the matter is still private.
 
Tune Insurance officials were not immediately available to comment.
A source with direct knowledge of the deal told Reuters in October that Tune Insurance, a unit of financial services-to-discount hotel conglomerate Tune Group owned by Fernandes and Kamarudin, is looking at a market capitalisation of US$260 million upon listing.

The IPO, comprising 210 million shares, will help to fund Tune Insurance’s expansion plans in the underinsured Southeast Asia region, Fernandes, who is due to take on the hire-or-fire role of would-be employer in an Asian adaptation of “The Apprentice” TV show, told reporters last September.

RHB Investment Bank is the principal adviser for the IPO.

CIMB Group Holdings Bhd, CLSA, ECM Libra Financial Group Bhd and RHB are the joint book runners. – Reuters

 
 
 
 
 
 
 
 
 

Initial Public Offering- Tune Hotels

Tune Ins to raise RM222m from IPO

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Kuala Lumpur, Jan 23: Tune Ins Holdings Bhd, an insurance products manager, is raising RM222.2 million from its initial public offering (IPO) pursuant to its listing on the Bursa Malaysia Securities Main Board.

The company is an insurance product manager for its on-line partners which are currently AirAsia, Tune Hotels and AirAsia Expedia.

Tune Ins Holdings, among others, designs and manages insurance products that will be sold to customers of on-line insurance partners.

Under the IPO, Tune Ins Holdings will offer up to 210,224,900 ordinary shares to Malaysian and selected institutional investors and Bumiputera investors approved by the Finance Ministry, Malaysian retail investors and foreign institutional investors, the company said in a statement.

The retail portion of the IPO will consists of up to 41,346,800 public issue shares while the institutional portion will comprise up to 102,028,100 public issue shares and up to 66,850,000 offer shares.

The retail portion of the shares will be offered at RM1.55 while the institutional price will be determined by way of a book building process.

According to the prospectus, proceeds of the IPO exercise will be used for the repayment of bank borrowings (59.86 per cent), working capital (12.24 per cent), strategic investments (22.50 per cent) and payment of listing expenses. — Bernama
 

 

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