Dec. 6 (Bloomberg) -- A shareholder of AIA Group Ltd., the third-largest Asia-based insurer, is selling a $360 million stake in the company, according to a term sheet obtained by Bloomberg News.
Mount Swettenham Investments is offering 92.4 million shares at HK$29.84 to HK$30.20 apiece, the document shows. AIA shares, which have surged more than 15 percent in the past three months, closed at HK$30.20 in Hong Kong yesterday.
The seller is a unit of Malaysian state investment company Khazanah Nasional Bhd, IFR reported, citing a term sheet.
The share sale precedes the lifting of a restriction preventing American International Group Inc. from selling its remaining 13.7 percent stake in AIA. AIG, currently AIA’s largest shareholder, will be free to sell its stake after Dec. 10, the company said on Sept. 6.
AIG, recipient of a U.S. bailout in 2008, sold $2 billion AIA Group shares in September. New York-based AIG held a 33 percent stake in AIA after selling the rest in an October 2010 initial public offering which raised $20.5 billion, data compiled by Bloomberg show.
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