AIG Announces Pricing of the Sale of Ordinary H Shares of PICC Property and Casualty Company Limited
March 30 2015 - 1:18PM
Business Wire
American International Group, Inc. (NYSE:AIG) announced today
that it has priced the sale of 256 million ordinary H shares of
PICC Property and Casualty Company Limited (PICC P&C) by means
of a placing to certain institutional investors.
Upon the closing of the placing, which is scheduled for April 2,
2015, and is subject to customary closing conditions, AIG will
receive gross proceeds of approximately US$500 million, based upon
a purchase price of HK$15.15 (approximately US$1.95) per share.
Thereafter, AIG will continue to be the largest holder of PICC
P&C H shares, with a position of approximately 1.2 billion
shares, representing 8.2 percent of the total issued share capital
of PICC P&C. Under the terms of an agreement with the managers
of the placing, AIG is restricted from selling any of its remaining
ordinary H shares of PICC P&C until July 2, 2015, subject to
certain exceptions, including receiving prior consent of certain
lead managers of the placing.
“AIG is proud of our successful partnership with PICC, which
includes our cornerstone investment in the IPOs of both PICC
P&C in 2003 and PICC Group in 2012,” said Peter D. Hancock,
President and Chief Executive Officer of AIG. “We will continue to
seek mutually beneficial opportunities to broaden our strategic
relationship with PICC. By monetizing a portion of our PICC P&C
investment, we are de-risking our exposure and enhancing AIG’s
financial flexibility.”
The ordinary H shares have not been and will not be registered
under the Securities Act of 1933, as amended (the Securities Act),
or any other applicable law, and may not be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements of the Securities Act and any other
applicable law.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the ordinary H shares, nor shall
there be any sale of the ordinary H shares in any jurisdiction in
which such offer, solicitation, or sale would be unlawful.
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. In particular, no assurance can be given that AIG will be
able to complete the placing of the PICC P&C ordinary H shares,
or, if completed, what the net proceeds will be from the placing.
These forward-looking statements are not historical facts but
instead represent only AIG’s belief regarding future events, many
of which, by their nature, are inherently uncertain and outside
AIG’s control. Except for AIG’s ongoing obligation to disclose
material information as required by federal securities laws, AIG is
not under any obligation (and expressly disclaims any obligation)
to update or alter any projections, goals, assumptions, or other
statements, whether written or oral, that may be made from time to
time, whether as a result of new information, future events or
otherwise.
American International Group, Inc. (AIG) is a leading global
insurance organization serving customers in more than 100 countries
and jurisdictions. AIG companies serve commercial, institutional,
and individual customers through one of the most extensive
worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
American International Group, Inc.Investors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorMedia:Jon Diat,
212-770-3505jon.diat@aig.comorMichael Hanretta,
852-3555-0017michael.hanretta@aig.com
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