American International Group is seeking to raise about $750 million by selling part of its stake in China’s state-run PICC Property and Casualty Co. Ltd., according to a term sheet of the deal seen by IFR on Monday.
AIG is offering between 355 million and 365 million shares in PICC Property and Casualty in a range of HK$16.08-HK$16.38 each, IFR, a Thomson Reuters publication reported.
That represents a discount of 4.3-6.1 percent to PICC Property’s last traded price. The deal has a $250 million up-size option, IFR said.
AIG first acquired a stake in PICC Property and Casualty as a cornerstone investor in 2003, ahead of the Chinese insurer’s IPO. AIG was not available for an immediate comment.
Citigroup, Goldman Sachs and Morgan Stanley are managing the sale, IFR said.
(Reporting by Fiona Lau at IFR; Writing by Denny Thomas; editing by Gopakumar Warrier)
Topics China Property Casualty AIG Funding
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