Wednesday, 3 July 2013

Tune Insurance sells properties for RM12.8m

Tune Insurance Malaysia Berhad (TIMB), an 83.3%-owned subsidiary of Tune Ins Holdings (TIH), had, on 2 Jul 13, entered into a conditional sale and purchase agreement with Santa Grand Hospitality (SGH) for the proposed disposal of its properties at a total cash consideration of RM12.8m. . (BMSB) 

The above came as a surprise to us as the management did not guide for any plans for a shift in the office for TIMB, which has led to the proposed disposal of its existing premises. We view the deal positively as the gain from the disposal amounting to about RM4m would enhance the group’s FY13 net profit by circa 5.8%. However, this will have minimal impact on its operations.

Source: CIMB Daybreak - 03 July 2013

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