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AIG sells AIA shares to pay $6B off US bailout tab

AIG sells AIA shares to pay $6B off US bailout tab

American International Group Inc. is selling shares in its Asian unit to raise up to $6 billion to help pay back the U.S. government for its bailout during the 2008 financial crisis.
AIA Group Ltd. said Monday that AIG plans to sell off a "significant proportion" of its 33 percent stake in the Hong Kong-listed company. AIG said the proceeds will be used to pay off money owed to the U.S. Treasury.
The companies did not disclose details.
A person familiar with the terms of the share sale, who declined to be identified, said AIG is selling 1.7 billion AIA shares at 27.15 to 27.50 Hong Kong dollars. That would raise HK$46.15 billion to HK$46.75 billion ($5.9 billion-$6 billion).


Updated : 2021-08-02 00:36 GMT+08:00