AIG Reported to Be Selling Its Last Shares in China’s PICC Insurer
AIG is offering 111 million shares at a floor price of HK$13.39 each, representing 0.5 percent discount to PICC Property and Casualty’s last traded price, the terms showed.
AIG has been steadily selling down its stake in PICC over the past two years and has raised about $2.6 billion prior to Saturday’s trade. AIG acquired shares in PICC Property and Casualty ahead of the Chinese insurer’s Hong Kong IPO in 2003.
AIG was not available for immediate comment. PICC could not be reached for comment.
(Reporting by Fiona Lau at IFR; Writing by Denny Thomas; Editing by Jon Boyle)
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