Tune Insurance up 2.2pc in market debut

KUALA LUMPUR, Feb 20 – Shares of Malaysia’s Tune Insurance Holdings Bhd opened at RM1.38 per share in their market debut yesterday, 2.2 per cent above the initial public offering price of RM1.35.

The US$100 million (RM310 million) flotation marks the first of the three listings expected to raise a combined US$500 million that Tony Fernandes and Kamarudin Meranun, founders of Asia’s largest budget carrier AirAsia Bhd, have planned this year.

The other two are the planned listing of long-haul carrier AirAsia X on the Malaysian bourse and Indonesia AirAsia on the Indonesia stock exchange.

Shares of Tune Insurance was quoted at RM1.36 in the first few minutes of trade, while the broader index was almost flat. – Reuters