Tune Protect sells entire stake in bicycle insurtech startup for RM3m

-A +A

KUALA LUMPUR (Jan 9): Tune Protect Group Bhd’s unit is disposing of its stake in Laka Ltd for 555,369.36 pounds (about RM3 million).

Laka is a London-based insurance technology (insurtech) startup offering non-conventional insurance targeted at high-end bicycle owners.

Tune Direct Ltd (TDL) is selling its stake to LocalGlobe X LP and Creandum V LP, Tune Protect said in a filing today.

TDL took up a 9.99% stake in Laka for 499,478 pounds (RM2.64 million) in June last year.

Tune Protect said the disposal is in line with its digital transformation strategy, whereby the group intends to channel the proceeds from the disposal towards strengthening its own homegrown digital and technology capabilities.

Barring unforeseen circumstances, it said the disposal is expected to be completed by the first quarter of 2020.

Tune Protect’s share price ended one sen or 0.9% higher at 56 sen today, for a market capitalisation of RM420.99 million.