American International Group said it has commenced a sale in Hong Kong of up to all of its ordinary shares of AIA Group by means of a placing to certain institutional investors.
AIG expects to use the net proceeds from the AIA sale for general corporate purposes. The company did not disclose the size of the sale or the buyers.
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AIG has a 13.69 percent stake in AIA, valued at $5.9 billion. After selling $2.02 billion in AIA shares in September, AIG was barred from selling any further shares until Dec. 10.