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AIG raises HK$1.49b by selling remaining PICC P&C shares

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[HONG KONG] American International Group (AIG) has raised about HK$1.49 billion (S$261.34 million) by selling its remaining shares in Chinese insurer PICC Property and Casualty Co Ltd, IFR reported.

AIG sold 111 million shares at HK$13.46 each after marketing the deal at a floor price of HK$13.39. The shares ended Friday at HK$13.46.

AIG bought PICC P&C shares ahead of the Chinese insurers'Hong Kong IPO in 2003 and has been steadily selling down its shares over the past two years.

Including the latest sale, the US insurer has raised about US$2.8 billion, according to Reuters calculations.

AIG did not respond to Reuters' request for comment, while PICC P&C could not be reached.

REUTERS