HONG KONG--American International Group Inc. is raising up to
US$507 million by selling shares in PICC Property & Casualty Co
in an share placement, according to a term sheet seen by The Wall
Street Journal Monday.
The U.S. insurer is selling 254 million shares, or about 5.5% of
outstanding Hong Kong-listed shares, of PICC Property &
Casualty in a price range of HK$15.00 -- HK$15.48 per share, it
said in the term sheet, representing a 2-5% discount to the
property-and-casualty firm's Monday closing price of HK$15.80.
AIG, which currently owns about 32% in PICC Property &
Casualty, is barred to sell more shares for 90 days, it said in the
term sheet.
Morgan Stanley is one of the banks handling the transaction.
Write to Prudence Ho at prudence.ho@wsj.com
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