AIG unit expands HK IPO
Sunday, 31 October 2010
HONG KONG, Oct 30 (AP): The Hong Kong listing of AIG's Asian unit, which aims to raise funds for repaying US federal bailout loans, has been expanded to $20.5 billion.
AIA Group Ltd said in a statement late Friday it increased the number of shares offered from 7.03 billion to 8.08 billion. The shares were priced at 19.68 Hong Kong dollars ($2.54) each and surged 17 per cent on their first day of trading Friday to close at HK$23.05 ($2.97).
The proceeds from the Hong Kong initial public offering (IPO) will be used to repay $20 billion AIG owes the Federal Reserve Bank of New York.
American International Group Inc received $182 billion from the US government after suffering massive losses from investments in complex derivatives - the biggest of the Wall Street bailout packages.
The AIA IPO was Hong Kong's biggest ever and the world's third-biggest.
AIA Group Ltd said in a statement late Friday it increased the number of shares offered from 7.03 billion to 8.08 billion. The shares were priced at 19.68 Hong Kong dollars ($2.54) each and surged 17 per cent on their first day of trading Friday to close at HK$23.05 ($2.97).
The proceeds from the Hong Kong initial public offering (IPO) will be used to repay $20 billion AIG owes the Federal Reserve Bank of New York.
American International Group Inc received $182 billion from the US government after suffering massive losses from investments in complex derivatives - the biggest of the Wall Street bailout packages.
The AIA IPO was Hong Kong's biggest ever and the world's third-biggest.