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AIG sells US$2b in AIA holding
Source: Agencies |
September 7, 2012, Friday
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Print Edition
Print Edition
INSURANCE giant American International Group Inc said yesterday that it's selling part of its stake in Asian insurer AIA Group Ltd and plans to pay off more of its loans from the US government.
AIG said that proceeds from the sale of up to US$2 billion of AIA shares to certain big investors will be used for general corporate purposes, including possible stock buybacks. Meanwhile, the insurer's board also approved the repurchase of up to US$5 billion of shares of its common stock from the US government.
New York-based AIG nearly collapsed in 2008. It received US$182 billion from the US government - the biggest of the Wall Street bailout packages - after suffering massive losses from investments in derivatives.
The Treasury Department owns about 53 percent of AIG stock. It has cut its stake from 92 percent after selling shares four times in the last couple of years for US$23.3 billion.
AIA used to be part of AIG, but the insurer spun off the Asian division as it worked to pay down its debt to the US government. AIA's 2010 initial stock offering in Hong Kong raised US$20.5 billion, which AIG used to pay bailout debt.
AIG said that proceeds from the sale of up to US$2 billion of AIA shares to certain big investors will be used for general corporate purposes, including possible stock buybacks. Meanwhile, the insurer's board also approved the repurchase of up to US$5 billion of shares of its common stock from the US government.
New York-based AIG nearly collapsed in 2008. It received US$182 billion from the US government - the biggest of the Wall Street bailout packages - after suffering massive losses from investments in derivatives.
The Treasury Department owns about 53 percent of AIG stock. It has cut its stake from 92 percent after selling shares four times in the last couple of years for US$23.3 billion.
AIA used to be part of AIG, but the insurer spun off the Asian division as it worked to pay down its debt to the US government. AIA's 2010 initial stock offering in Hong Kong raised US$20.5 billion, which AIG used to pay bailout debt.
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