AIG is selling more than one-third of its remaining stake in AIA to raise about $6bn that it will use to pay down more of the debt it owes to the US Treasury, according to people close to the deal.
Trading in shares of Hong Kong-listed AIA was suspended yesterday as the pan-Asia life assurer’s former parent began the private placement of roughly 1.7bn shares at a near 6 per cent discount to Friday’s close of HK$29.20.
The sale, which amounts to a stake in AIA of about 13 per cent, will see AIG left with roughly 20 per cent – with the US group facing a lock-up of 180 days on those shares.
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