AIG Announces Pricing of the Sale of Ordinary H Shares of PICC Property and Casualty Company Limited
May 02 2016 - 8:00AM
Business Wire
American International Group, Inc. (NYSE:AIG) announced today
that it has priced the sale of 740 million ordinary H shares of
PICC Property and Casualty Company Limited (PICC P&C) by means
of a placing to institutional investors.
Upon the closing of the placing, which is scheduled for May 5,
2016, and is subject to customary closing conditions, AIG will
receive gross proceeds of approximately US$1.25 billion, based upon
a purchase price of HK$13.08 (approximately US$1.69) per share.
Thereafter, AIG will hold a position of approximately 111 million
shares, representing 0.75 percent of the total issued share capital
of PICC P&C.
“We’re transforming AIG into a leaner, more profitable and
focused insurer,” said Peter D. Hancock, President and Chief
Executive Officer of AIG. “By continuing to de-risk our position in
PICC P&C, we are enhancing our financial flexibility. We
continue to greatly value our strategic partnership with PICC
P&C.”
The ordinary H shares have not been and will not be registered
under the Securities Act of 1933, as amended (the Securities Act),
or any other applicable law, and may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements of the Securities Act and any other
applicable law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the ordinary H shares, nor shall
there be any sale of the ordinary H shares in any jurisdiction in
which such offer, solicitation, or sale would be unlawful.
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. In particular, no assurance can be given that AIG will be
able to complete the placing of the PICC P&C ordinary H shares,
or, if completed, what the net proceeds will be from the placing.
These forward-looking statements are not historical facts but
instead represent only AIG’s belief regarding future events, many
of which, by their nature, are inherently uncertain and outside
AIG’s control. Except for AIG’s ongoing obligation to disclose
material information as required by federal securities laws, AIG is
not under any obligation (and expressly disclaims any obligation)
to update or alter any projections, goals, assumptions, or other
statements, whether written or oral, that may be made from time to
time, whether as a result of new information, future events or
otherwise.
American International Group, Inc. (AIG) is a leading global
insurance organization serving customers in more than 100 countries
and jurisdictions. Founded in 1919, today we provide a wide range
of property casualty insurance, life insurance, retirement
products, mortgage insurance and other financial services to
customers in more than 100 countries and jurisdictions. Our diverse
offerings include products and services that help businesses and
individuals protect their assets, manage risks and provide for
retirement security. AIG common stock is listed on the New York
Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and
www.aig.com/strategyupdate | YouTube: www.youtube.com/aig |
Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig. These references with
additional information about AIG have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20160502005375/en/
American International Group, Inc.InvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.comorMediaJennifer Hendricks
Sullivan, 212-770-3141jennifer.sullivan@aig.com
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