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Malaysia's Tune Ins buys into Indonesian insurer

Reuters

(corrects name of company to PT Asuransi from PT Ansuransi)

KUALA LUMPUR, May 6 (Reuters) - Tune Ins Holdings Bhd , 13.65 percent-owned by Malaysian budget carrier AirAsia, said it will buy half of unlisted Indonesian insurance provider PT Asuransi Staco Mandiri for 82.9 billion rupiah ($6.35 million).

The target company is majority-owned by Dana Pensiun Bank Mandiri Dua, a private pension fund manager for Bank Mandiri staff.

The acquisition is in line with Tune Ins' goal to expand into other Southeast Asian countries beyond its home market of Malaysia, the insurance firm said in a statement late on Tuesday.

For the full announcement: http://bit.ly/1KffC8b ($1 = 13,045.0000 rupiah) (Reporting by Al-Zaquan Amer Hamzah; Editing by Stephen Coates)