Arab Today, arab today aia shares suspended after aig puts shares on sale
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

AIA shares suspended after AIG puts shares on sale

Arab Today, arab today

Arab Today, arab today AIA shares suspended after AIG puts shares on sale

Hong Kong - AFP

Trading in AIA shares was suspended on the Hong Kong stock exchange Monday after bailed-out US insurer American International Group (AIG) announced plans to sell a chunk of the business. AIG said Sunday it had commenced a sale of ordinary shares through a placing to \"certain institutional investors\", in order to help repay its debt to the US government, which bailed AIG out to the tune of $182.3 billion during the financial crisis. \"AIG expects the pricing of the placing to occur no later than March 6, 2012,\" the US company said in a press release Sunday on its website. AIG currently holds 32.89 percent of AIA?s outstanding ordinary shares. AIA said it expected trading in the company?s shares to resume \"no later than\" Wednesday. The shares were valued at $6 billion, according to the Wall Street Journal.

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