December 5, 2012 / 10:34 AM / 5 years ago

Khazanah launches up to $360 million stake sale in AIA: IFR

HONG KONG (Reuters) - Malaysia’s state investor Khazanah Nasional Bhd KHAZA.UL launched on Wednesday an up to $360 million offering of shares in AIA Group (1299.HK), 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 (AIG.N) 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.

    Reporting by Fiona Lau of IFR and Elzio Barreto; Additional reporting by Clement Tan; Editing by Muralikumar Anantharaman

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