AIG to sell PICC P&C shares, but will still be largest holder
American International Group (AIG) has priced the sale of 361 million ordinary H shares of PICC Property and Casualty Company (PICC P&C) by means of a placing to certain institutional investors.
Upon the closing of the placing, which is scheduled for December 10, 2015, AIG will receive gross proceeds of approximately $751.8 million (£499.33 million) based upon a purchase price of HK$16.14 (approximately US$2.08 or £1.38 ) per share.
Thereafter, AIG will continue to be the largest holder of PICC P&C H shares, with a position of approximately 851 million shares, representing 5.74 percent of the total issued share capital of PICC P&C.
“During our third quarter earnings call, we disclosed that narrowing our focus is one of AIG’s four strategic priorities,” said Peter Hancock, president and chief executive officer of AIG.
“By continuing to de-risk our position in PICC P&C, we are focusing AIG’s capital in our core markets and enhancing our financial flexibility. We continue to greatly value our strategic partnership with PICC P&C.”
The ordinary H shares have not been and will not be registered under the Securities Act of 1933, as amended, or any other applicable law, and may not be offered or sold in the US absent registration or an applicable exemption from the registration
