News of the Day - 29 April 2015

 Datuk Seri Nazir Razak

CIMB

CIMB Group Holdings Bhd expects PT Bank CIMB Niaga Tbk’s bottom line to improve going forward and an overall loan growth of 10% this year. “The performance will be better in the second quarter as the provisioning will still be elevated and then significantly improve in the second half of 2015,” chairman Datuk Seri Nazir Razak said.

AirAsia

Tune Ins Holdings Bhd is set to complete the acquisition of an Indonesian general insurance firm by June, after which the insurer, owned by aviation tycoon Tan Sri Dr Tony Fernandes, intends to explore opportunities in other Asean countries. Tune Ins CEO Junior Cho said the firm had prepared all legal share sale terms together with other necessary documents to submit to the Indonesian authorities for approvals. "We have narrowed down the target company. It is an established insurer there (Indonesia) with a consumer base of its own.

MAS Airline

Sabah and Sarawak state governments have expressed their interests in taking over MASwings, a subsidiary of loss-making and financially strapped national air carrier Malaysia Airlines (MAS). Sarawak Tourism Minister Datuk Amar Abang Johari Tun Openg today told the state legislative assembly the governments of the two Borneo states would have a 50%-50% shareholding if the takeover went through.