GEORGE TOWN (Aug 4): Tune Ins Holdings Bhd is still in talks and awaiting the necessary approvals from the regulators on its proposed RM22.9 billion acquisition of a 50% plus one share equity in PT Asuransi Staco Mandiri.

In a filing with Bursa Malaysia today, Tune Ins said it would continue to make appropriate announcements when there is further development on the matter involving the Indonesian insurance provider, which would expand its insurance business beyond Malaysia to other Southeast Asian markets.
 
Tune Ins (valuation: 1.2; fundamental: 1.8) had on May 5, announced it was acquiring a majority stake in ASM for about RM22.8 million.  

Tune Ins, comprising 16.64% interest held by Tune Group Sdn Bhd, 13.65% by AirAsia Bhd and 9.4% by CIMB SI II Sdn Bhd, closed one sen or 0.69% lower at RM1.44, giving it a market capitalisation of RM1.09 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)