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Tune group sells 42.5 mln shares in tune ins via overnight placement

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Tune group sells 42.5 mln shares in tune ins via overnight placement Empty Tune group sells 42.5 mln shares in tune ins via overnight placement

Post by Cals Sat 21 Jun 2014, 03:53

Tune group sells 42.5 mln shares in tune ins via overnight placement
Business & Markets 2014
Written by Bernama   
Friday, 20 June 2014 19:27

KUALA LUMPUR (June 20): Tune Group today announced the successful sale of 42.5 million shares in Tune Ins Holdings Bhd (TIHB) via an overnight placement.

The proceeds from the sale were earmarked for Tune Group’s investments in its online and other ventures, it said in a statement.

The placement shares represent 5.7 per cent of the total shares outstanding in TIHB, thereby increasing its free float from 43.3 per cent to 54.6 per cent, broadened its shareholder base and further improved its liquidity.

Tune Group co-founder Tan Sri Tony Fernandes said the exercise was also in response to feedback from investors for greater liquidity in the stock.

CIMB SI II Sdn Bhd, a wholly-owned subsidiary of CIMB Group Holdings Bhd, also participated in the overnight placement, selling 42.5 million shares.

Following the placement, Tune Group now holds a direct and indirect interest of 37.0 per cent in TIHB from 42.6 per cent previously.

As of yesterday’s close of RM2.32 per share, TIHB’s share price was at a 71.9 per cent premium to its initial listing price of RM1.35 per share.  -- BERNAMA
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