Khazanah launches up to $360 mln stake sale in AIA - IFR
HONG KONG Dec 5 (Reuters) - Malaysia's state investor Khazanah Nasional Bhd launched on Wednesday an up to $360 million offering of shares in AIA Group, IFR reported, citing a term sheet of the transaction.
Khazanah, through its Mount Swettenham Investments unit, is offering 92.35 million AIA shares in a range of HK$29.84-HK$30.20 each, equivalent to a discount of up to 1.2 percent to Wednesday's close, added IFR, a Thomson Reuters publication.
The selldown comes ahead of the expiration of a lockup on AIA shares by American International Group this week, when the U.S. insurer will be free to sell a stake worth $6.4 billion at current market prices.
Bank of America Merrill Lynch was hired as sole bookrunner on the AIA stake sale.