We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
AIA Group Ltd (PK) | USOTC:AAIGF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.13 | 1.77% | 7.48 | 7.20 | 7.84 | 7.75 | 7.06 | 7.17 | 6,755 | 21:00:10 |
Insurance company AIA Group Ltd. (1299.HK) said Tuesday major shareholder American International Group Inc.(AIG) raised approximately US$6 billion from selling AIA Group shares in a placement, as the U.S.-based company seeks to further reduce its debt to the U.S.government.
AIG sold 1.72 billion shares--slightly more than a planned 1.7 billion shares--at HK$27.15 each, the bottom of its indicative price range of HK$27.15 to HK$27.50. The pricing represents a 7% discount to AIA's last closing price of HK$29.20 Friday, but is higher than the Asian insurer's HK$19.68 initial-public-offering price in October 2010. Shares of AIA Group, which have risen 20.4% so far this year, were suspended from trading Monday but will resume trading Tuesday.
AIG--which is restricted in selling its remaining AIA shares for a six-month lock-up period--will hold 18.6% in AIA after the placement, the announcement said.
Proceeds from the sale have been earmarked for repayment of debt owed to the U.S. government which rescued AIG from near collapse in a record $182.3 billion bailout.
While that has been partially repaid, about US$50 billion in taxpayer funds remain owed to the Treasury Department. About US$8.4 billion of that will be repaid when AIG sells the AIA shares and other assets, including its aircraft-leasing subsidiary.
The rest is meant to come from the government's sale of its 77% stake in AIG.
-By Prudence Ho, Dow Jones Newswires; 852-2802-7002; prudence.ho@dowjones.com
1 Year AIA (PK) Chart |
1 Month AIA (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions