Tune Insurance buys insurer for IDR82.86 bn

Tune Insurance Holdings Bhd (TIH) has bought a controlling stake in Indonesian general insurer, PT Asuransi Staco Mandiri (ASM), for IDR82.86 billion, to expand its business beyond Malaysia.

"The investment in ASM will enable TIH Group to have a controlling interest in a local general insurer in Indonesia, through which TIH Group can directly underwrite its online insurance businesses and offer products through other channels in the fast growing and sizeable markets in Indonesia," a press release stated.

ASM engages in general insurance business and also has a Shari’ah business unit.

The deal will see TIH acquire 38,235 ordinary shares of IDR500,000 each or 31.82 percent of the issued and paid-up shares, or 23.33 percent of the enlarged share capital, from three selling shareholders of ASM for IDR26.76 billion.