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AIG sells US$2.02 bln AIA shares

Sep. 7, 2012 (China Knowledge) - American International Group Inc or AIG said that it has sold US$$2.02 billion shares of AIA Group Ltd<1299>.

AIG said it sold 591.9 million AIA shares at HK$26.50 apiece, representing a 0.8% premium over the latter's closing price of HK$26.3. It offered the shares at a range of HK$25.75 to HK$26.75 each.

After the share sale, AIG will hold a 13.69% stake in AIA, down from the previous 18.6%. In March this year, AIG sold 1.72 billion AIA shares at HK$27.15 apiece, raising US$6 billion and cutting its shareholding in the former Asian unit to 18.6% from 32.89%.

AIG did not identify the buyers, but said they were institutional investors.

Proceeds from the deal will be used to repurchase up to US$5 billion of AIG stock from the U.S. Treasury.

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