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
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
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