AIG to seek approval for Asian unit's IPO

Hong Kong: American International Group plans to seek Hong Kong listing committee approval on September 21, to list its Asian life insurance unit, aiming to raise about $15 billion (Dh55 billion), two sources with direct knowledge of the deal said yesterday.

AIG, which is nearly 80 per cent owned by the US government, is disposing of assets to repay taxpayers as part of the $182.3 billion bail out package that rescued the insurer during the 2008 financial crisis.

Last week, AIG filed an application with the Hong Kong Stock Exchange to list AIA. While a listing committee hearing usually takes place about four weeks after the application, the hearing date for AIA's IPO comes earlier than expected, meaning the deal could hit to the market in October instead of the earlier plan for November.

Briefing

AIA would hold an analyst briefing on September 10, sources familiar with the matter said, planning to kick off a road show in early or mid-October.

The sources declined to be identified because they were not authorised to speak to media.