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Report: AIG's PICC Property & Casualty stake sale may raise up to HK$9.88B

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Report: AIG's PICC Property & Casualty stake sale may raise up to HK$9.88B

AmericanInternational Group Inc. is offloading shares in ,with the indicative price range valuing the stock at up to HK$9.88 billion,Reuters reported April 30, citing a term sheet of the deal seen by IFR.

AIG is reportedly offering 740 million shares in PICCProperty & Casualty in a block deal at a per-share price between HK$13.06and HK$13.35, representing a discount of up to 8% on the April 29 closingprice. The shares have a 60-day lock-up period.

AIG will continue to hold some 110 million PICC Property& Casualty shares if all 740 million shares are sold, according to thereport.

Goldman Sachs and Morgan Stanley serve as the joint globalcoordinators for the deal.

PICC Property & Casualty is part of