<article><a style="color: #000080;" href="http://www.tunegroup.com/about.html" target="_blank">Tune Group</a>, founded by Malaysian tycoon Tony Fernandes, is reportedly looking to sell shares in its insurance arm, Tune Ins Holdings Bhd.</article>

<a style="color: #000080;" href="http://www.tunegroup.com/about.html" target="_blank">Tune Group</a>, founded by Malaysian tycoon Tony Fernandes, is reportedly looking to sell shares in its insurance arm, Tune Ins Holdings Bhd.
<a style="color: #000080;" href="http://www.bloomberg.com/news/articles/2015-06-05/airasia-founder-s-tune-group-considers-selling-insurance-holding" target="_blank">Bloomberg reported</a> that the investment firm, backed by Fernandes’ <a style="color: #000080;" href="http://www.airasia.com/my/en/about-us/corporate-profile.page" target="_blank">AirAsia Holdings Bhd</a>, was reviewing its stake in Tune Ins.
Tune Group CEO Tan Hong Kheng responded to the news wires in an email,saying that the review was at a preliminary stage.
Tune Group is the largest shareholder in Tune Ins with a 16.6 per cent holding, worth about $62 million based on its current price, Bloomberg data showed. AirAsia owns 13.7 per cent of Tune Ins.
The company is working with <a style="color: #000080;" href="https://www.credit-suisse.com/hk/en.html" target="_blank">Credit Suisse Group AG</a> on the potential sale, people with knowledge of the matter told the news wires.
Tan added that the group has held discussions with an international investment bank on the review, declining to name the firm.
A Hong Kong-based spokeswoman for Credit Suisse, could not immediately comment on the matter.
Tune Ins sells general and life insurance across Asia and has an exclusive agreement with AirAsia, Southeast Asia’s largest budget carrier by market value, where insurance is sold to travelers when they book tickets online.
Tan noted that Tune Group “constantly” assesses ways to optimise the value of its shareholdings and invest in new ventures such as Internet companies, crowdfunding and the Tune Labs incubator and accelerator programmes.
Where Tune Group and its AirAsia subsidiary have direct stakes in the same company, the group will continue to participate in those businesses through AirAsia, he said.
Shares of Tune Ins have risen 8.2 percent this year, giving it a market value of 1.38 billion ringgit ($371 million).
Yesterday, <a style="color: #000080;" href="http://www.thestar.com.my/Business/Business-News/2015/06/05/Tune-Ins-to-conclude-acquisition-deal-before-August/?style=biz" target="_blank">The Star reported</a> that the insurance firm is expected to conclude the acquisition of Indonesia-based insurance firm <a style="color: #000080;" href="http://www.stacoinsurance.com/" target="_blank">PT Asuransi Staco Mandiri</a> for MYR35.4 million ($9.4 million) before August.
Tune Ins CEO Junior Cho said in a press conference after the company’s AGM, that the move is part of the insurance provider&#8217;s strategy to tap into the Asean market. &#8220;We are still waiting for regulators&#8217; approval from both countries,&#8221; Cho said, adding that the company is also actively looking for airline and  non-airline partners to offer more of its insurance products.
Tune Group has businesses including hotels and an English soccer team.
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Tune Group, founded by Malaysian tycoon Tony Fernandes, is reportedly looking to sell shares in its insurance arm, Tune Ins Holdings Bhd.

Tune Group to discard stake in insurance unit Tune Ins

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Tune Group to discard stake in insurance unit Tune Ins

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