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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| American International Group Inc | NYSE:AIG | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 75.31 | 353 | 13:15:20 |
From May 2019 to May 2024
By Prudence Ho
HONG KONG--American International Group Inc. is raising up to US$507 million by selling shares in PICC Property & Casualty Co in an share placement, according to a term sheet seen by The Wall Street Journal Monday.
The U.S. insurer is selling 254 million shares, or about 5.5% of outstanding Hong Kong-listed shares, of PICC Property & Casualty in a price range of HK$15.00 -- HK$15.48 per share, it said in the term sheet, representing a 2-5% discount to the property-and-casualty firm's Monday closing price of HK$15.80.
AIG, which currently owns about 32% in PICC Property & Casualty, is barred to sell more shares for 90 days, it said in the term sheet.
Morgan Stanley is one of the banks handling the transaction.
Write to Prudence Ho at prudence.ho@wsj.com
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