NST Online Business Times : latest
NST Online Business Times : latest |
| Tune Ins to raise RM222m from IPO Posted: 22 Jan 2013 06:20 PM PST Tune Ins Holdings Bhd, an insurance products manager, is raising RM222.2 million from its initial public offering (IPO) pursuant to its listing on the Bursa Malaysia Securities Main Board. The company is an insurance product manager for its on-line partners which are currently AirAsia, Tune Hotels and AirAsia Expedia. Tune Ins Holdings, among others, designs and manages insurance products that will be sold to customers of on-line insurance partners. Under the IPO, Tune Ins Holdings will offer up to 210,224,900 ordinary shares to Malaysian and selected institutional investors and Bumiputera investors approved by the Finance Ministry, Malaysian retail investors and foreign institutional investors, the company said in a statement.
The retail portion of the shares will be offered at RM1.55 while the institutional price will be determined by way of a book building process. According to the prospectus, proceeds of the IPO exercise will be used for the repayment of bank borrowings (59.86 per cent), working capital (12.24 per cent), strategic investments (22.50 per cent) and payment of listing expenses. -- Bernama
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| Smartphone sales surge on new ruling Posted: 22 Jan 2013 06:17 PM PST Now that the government has decided to allow the RM200 rebate for all types of smartphones, local phone distributors and telecommunication providers are now experiencing a big jump in sales. For some, problems have even cropped up: they do not have enough phones to sell because of the surge in demand. The government's move to remove the limit to smartphones costing RM500 each or less is expected to benefit about one million youths between 21 and 30 years earning less than RM3,000 a month. Jason Lo, Chief Executive Officer of Tune Talk Sdn Bhd, said since the announcement, demand for its smartphones has risen by over 50 per cent. "The announcement was a good move by the government. We receive around 10 to 15 new applications for the rebate daily and the number is rising," Lo told Bernama. The government's pro-active move also benefited Tune Talk's 800 dealers nationwide, he said. "We do not have a problem in terms of smartphones stocks as our policy is to order only when there is a demand. Currently, demand is still under control," Lo said. Eddy Tay, Head of Sales at NineTology Malaysia Sdn Bhd, said youths were benefiting from the government effort to equip them with smartphones as they have more models now to choose from. "Youths these days not only purchase smartphones to communicate but also for Internet data," he said. With the latest announcement, Tay said demand from his distributors had increased. Meanwhile, ZTE Malaysia Director of Terminal Division, Jeremy Zhao, hoped that the government could extend the campaign to not only smartphones but also to the entire list of mobile broadband products to help enrich end-user options and increase mobile broadband penetration in Malaysia. "Initially, 23 models were shortlisted, but now all smartphone vendors stand to benefit," he said, adding that his company was also experiencing an increase in sales. -- Bernama |
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