AIG raises HK$9.68b from selling stake in China insurer

Hong Kong

AMERICAN International Group (AIG) has raised HK$9.68 billion (S$1.68 billion) by selling a large chunk of its stake in China's PICC Property and Casualty Co (PICC P&C) in a block deal, IFR reported on Sunday.

AIG sold about 740 million shares at HK$13.08 each, or near the bottom end of a marketing range, IFR said, citing sources close to the deal. Most of the shares were bought by institutional investors, it added.