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AIG chooses HK as AIA listing venue

Updated:2009-12-04 11:04:27

The American International Group Inc.(AIG) said Thursday it chose Hong Kong as the listing venue for its Asian life insurance unit American International Assurance (AIA), media reports said on Friday. 

The troubled but bailed-out U.S. insurer will go ahead with the up-to-10 billion U.S. dollar initial public offering. Preparations for the offering, aimed at raising funds to repay a U.S. government bailout, had stalled since Bob Benmosche took the helm at AIG in August. 

People familiar with the situation said AIG has appointed Deutsche Bank AG and Morgan Stanley as joint global coordinators for the planned initial public offering. It has yet to name the rest of the bookrunners.

AIG said on Tuesday it had closed a pact with the New York Federal Reserve that slashes its debt under a credit facility by more than half, to 17 billion U.S. dollars.

AIG shares rose more than 11 percent to 31.72 dollars, partly reversing a steep fall in the stock on Monday after investors were spooked by concerns over a possible shortfall in reserves for non-life insurance claims.

The debt reduction is the result of a deal first announced last March to give the New York Fed a preferred stake in two of AIG's biggest life insurance units, American Life Insurance Co and American International Assurance, effectively swapping debt for equity.

"AIG continues to make good on its commitment to pay the American people back," Chief Executive Robert Benmosche said in a statement, which also warned of volatility.

 

 

Source:http://news.xinhuanet.com

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