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AIG : pricing on final shares in AIA unveiled

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US insurance giant American International Group said Monday it had priced the Hong Kong sale of its remaining stake in Asian insurer AIA. 

AIG said it would sell about 1.65 billion shares of AIA Group Limited within the price range of HK$29.65 (approximately US$3.83 per share) to HK$30.65 (approximately US$3.95 per share).

The final price will be announced before the opening of the Hong Kong market on Tuesday, AIG said.

“This represents all of the AIA ordinary shares owned by AIG,” said the insurer, which has been selling off assets to repay the $182 billion bailout it received from the US government during the 2008 financial crisis.

At the price range, the sale could fetch $6.32-6.52 billion for AIG. The company has sold AIA shares twice this year, raising a total of $8 billion.

The move also comes a week after the US Treasury sold all of its remaining shares in AIG, earning the government $7.6 billion from the sale and taking the government’s net profit on the AIG bailout to $22.7 billion.

The Hong Kong initial public offering of AIA in 2010 raised $20.5 billion, making it one of the world’s biggest.

New York, Dec 17, 2012 (AFP)