AIA Shares Decline After $6 Billion AIG Sale: Hong Kong Mover
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AIA Group Ltd., the third-largest Asia-based insurer by market value, fell the most in more than five months after American International Group Inc. sold $6 billion worth of its shares to help repay a government bailout.
AIA declined 8.4 percent to HK$26.75, the most since Sept. 22 and outstripping the 2.2 percent fall in the city’s benchmark Hang Seng Index. New York-based AIG sold 1.72 billion shares of the Hong Kong-based insurer at HK$27.15 each to institutional investors yesterday and ceased to be AIA’s controlling shareholder, AIA said in an e-mailed statement today.