AIA seen to repay AIG debt with listing funds
By Min Lee |
October 18, 2010, Monday
|
Print Edition
Print Edition
THE upcoming Hong Kong listing of American International Group Inc's Asian unit is expected to raise US$14.1 billion for AIG's repayment of bailout funds from the US government during the global financial crisis, the Asian insurer said yesterday.
AIA Group Ltd said in a prospectus that it plans to sell 586 million shares in Hong Kong and 5.27 billion shares internationally at a price range of HK$18.38 (US$2.40) to HK$19.68 per share. The estimated proceeds from the share sale are based on the midpoint price of HK$19.03 per share and deducts projected underwriting fees and other expenses.
Some US$190 billion have not been repaid from the massive Wall Street bailouts launched during former US President George W. Bush's final months in office. AIG received US$182 billion, the biggest rescue package extended to the financial industry. Officials believed its survival was crucial because AIG worked with hundreds of financial institutions around the world.
The US$14.1 billion will be used to repay part of US$20 billion AIG got from the Federal Reserve Bank of New York, according to AIA.
AIA Group Ltd said in a prospectus that it plans to sell 586 million shares in Hong Kong and 5.27 billion shares internationally at a price range of HK$18.38 (US$2.40) to HK$19.68 per share. The estimated proceeds from the share sale are based on the midpoint price of HK$19.03 per share and deducts projected underwriting fees and other expenses.
Some US$190 billion have not been repaid from the massive Wall Street bailouts launched during former US President George W. Bush's final months in office. AIG received US$182 billion, the biggest rescue package extended to the financial industry. Officials believed its survival was crucial because AIG worked with hundreds of financial institutions around the world.
The US$14.1 billion will be used to repay part of US$20 billion AIG got from the Federal Reserve Bank of New York, according to AIA.
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