Tony Fernandes sells shares in Tune Insurance

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KUALA LUMPUR (Dec 26): AirAsia group chief executive officer (CEO) Tan Sri Tony Fernandes' investment vehicle Tune Group Sdn Bhd has sold a total of 944,800 shares in Tune Insurance Holdings Bhd.

According to a filing with Bursa Malaysia, some 850,000 shares were sold on Dec 22 and an additional 94,800 shares the day after. All shares were sold at RM1.60 each.

Tune Insurance share price has been on a decline since early August, falling from RM2.50 to a low of RM1.56 two weeks ago. The stock jumped 11 sen, or 6.67%, to RM1.76 today with 1.08 million shares traded.

After the latest share sales, Tune Group still holds 128.37 million shares, or a 17.08% stake, in the insurance group.

Meanwhile, Fernandes, who is the non-independent, non executive director, still holds a 30.73% indirect stake and a 0.01% direct stake in Tune Insurance.