(Bloomberg) -- American International Group Inc. is seeking as much as $507 million through the sale of part of its holding in PICC Property & Casualty Co., China’s biggest non-life insurer.
AIG, the largest commercial insurer in the U.S., is offering about 254 million shares of PICC at HK$15 ($1.93) to HK$15.48 apiece, according to terms obtained by Bloomberg. The price range represents a 2% to 5.1% discount to PICC’s closing price of HK$15.80 in Hong Kong on Monday.
Foreign investors have been selling holdings in Chinese insurers as their shares surged on rising investment returns. Singapore’s state investment company, Temasek Holdings Pte, cut its stake in Ping An Insurance Group Co. in December.
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