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AIG Asian unit IPO aimed at repaying bailout funds expands to US$20.5 billion


AIG Asian unit IPO aimed at repaying bailout funds expands to US$20.5 billion

Sat Oct 30, 4:45 AM
The Associated Press
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By The Associated Press

HONG KONG - The Hong Kong listing of AIG's Asian unit, which aims to raise funds for repaying U.S. federal bailout loans, has been expanded to US$20.5 billion.

AIA Group Ltd. said in a statement late Friday it increased the number of shares offered from 7.03 billion to 8.08 billion. The shares were priced at 19.68 Hong Kong dollars ($2.54) each and surged 17 per cent on their first day of trading Friday to close at HK$23.05 ($2.97).

The proceeds from the Hong Kong IPO will be used to repay $20 billion AIG owes the Federal Reserve Bank of New York.

American International Group Inc. received $182 billion from the U.S. government after suffering massive losses from investments in complex derivatives — the biggest of the Wall Street bailout packages.


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The AIA IPO was Hong Kong's biggest ever and the world's third-biggest.



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