AIA Shareholder Raised HK$541.2 Million Via Share Placement

A shareholder of AIA Group Ltd. (1299.HK) raised HK$541.2 million (US$69.6 million) by selling shares in the insurer through a placement, HSBC said Wednesday.

NWS Financial Management Services Ltd., a wholly owned subsidiary of NWS Holdings Ltd. (0659.HK) controlled by Hong Kong tycoon Cheng Yu-tong, sold 19.72 million AIA shares at HK$27.45 each, said HSBC, the sole bookrunner of the share placement.

The selling price was at the upper end of the HK$27.31 to HK$27.45 per share guidance range in a term sheet seen by Dow Jones Newswires on Tuesday.

The sale makes NWS the first cornerstone investor to exit its investment in the insurance group, a month after a lock-up period for shares held by such investors expired.

In its initial public offering last year, the insurer secured US$1.92 billion from seven cornerstone investors, including NWS, Kuwait Investment Authority, Malaysian property and financial-services firms Guoco Group Ltd. and Hong Leong Group, as well as Chow Tai Fook Enterprises Ltd.

AIA shares closed 0.4% lower at HK$27.35 Wednesday.

-By Fiona Law, Dow Jones Newswires; 852-2802-7002; fiona.law@dowjones.com

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