Tune Ins shares rise on proposed Indonesian acquisition

KUALA LUMPUR: Tune Ins Holdings Bhd shares traded in positive zone in the afternoon session after the company proposed to acquire a 50 per cent stake plus one share in Indonesian insurance provider, PT Asuransi Staco Mandiri (ASM) for 82.86 billion rupiah (RM22.79 million).

In an announcement to Bursa Malaysia yesterday, Tune Ins said it had executed a conditional binding offer letter to acquire 38,235 ordinary shares of 500,000 rupiah each or 31.82 per cent of ASM's issued and paid-up share capital from the selling shareholders for 26.76 billion rupiah.