US insurer American International Group Inc (NYSE: AIG) said it had kicked off the sale in Hong Kong of the rest of its interest in local unit AIA Group Limited (HKG:1299) to unnamed institutional investors.
AIG gave no details about the terms of the disposal, apart from saying it would use the net proceeds to finance general corporate projects. The name of the buyers were not disclosed either.
According to informed sources cited by Reuters, the US insurer is selling its 13.69%, or 1.65bn shares, in AIA for a price per share of between HKD29.65 (USD3.83/EUR2.91) and HKD30.65, standing to raise as much as USD6.5bn (EUR4.9bn) from its exit.
AIG sold AIA shares worth USD2.02bn in September, agreeing at the time to keep the rest of its interest in the Hong Kong unit until 10 December. In March, the US group got USD6bn from the first disposal of AIA shares.