NEW YORK (AP) – AIG may raise as much as $6.52 billion from the sale of its remaining stake in Asian life insurer AIA Group Ltd.
The insurance company, whose remaining AIA stake was approximately 14 percent, said Monday that the approximately 1.65 billion shares will be priced between 29.65 Hong Kong dollars ($3.83) to 30.65 Hong Kong dollars ($3.95).
The price range is a 3 percent to 6 percent discount to AIA Group’s Friday closing price of 31.65 Hong Kong dollars on the Hong Kong Stock Exchange.
AIG said the exact price will be announced before the Hong Kong Stock Exchange opens Tuesday.
The company plans to use net proceeds from the sale for general corporate purposes.
Shares of AIG rose $1.06, or 3.1 percent, to $35 in afternoon trading.