Shares of AIA Group Ltd. (1299.HK) were suspended from trading Monday pending an announcement about major shareholder American International Group Inc.'s (AIG) potential share placement, the insurance company said.

Largest shareholder American International Group Inc. (AIG) is seeking to sell "a significant proportion" of its shares in the Hong Kong-listed insurance company and is expected to use the proceeds to reduce its debt to the U.S. Department of the Treasury, AIA Group said in a statement.

U.S.-based AIG, which currently holds 32.89% of AIA Group, expects the pricing of the placement no later than Tuesday, adding that trading in AIA Group's shares will resume no later than Wednesday.

-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; joanne.chiu@dowjones.com

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