posted on 12/08/2010: 1774 views
Abu Dhabi Investment Authority (Adia) and two other sovereign wealth funds have expressed interest in investing in the US$15 billion initial public offering planned by American International Group's (AIG) Asian life insurance unit.
AIG has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of its planned IPO, sources with direct knowledge of the matter said.
Several financial investors, including Temasek Holdings, China Investment Corporation and Adia have expressed interest in buying cornerstone stakes in AIA, they added.
Earlier, the Financial Times said in a report that AIG may place as much as 30 per cent of AIA with institutional investors and wealthy tycoons, rather than offer them minor stakes in an initial public offering.
AIG is aiming to list AIA on the Hong Kong stock exchange by the fourth quarter of this year and the IPO is expected to raise about US$15bn.
"Some preliminary talks have taken place in response to interest from some investors," one source said.
The sources declined to be identified as the talks are private.
AIG is set to name Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley as the joint global coordinators for the IPO, sources have previously told Reuters.
Temasek declined to comment, while the other institutions could not be reached immediately for comment.
Chinese insurance companies and some of that country's largest banks are also looking at taking stakes and financing others, the newspaper said.
AIG spokeswoman Christina Pretto declined to comment.
An IPO of AIA, whose full name is American International Assurance, could raise about US$15bn, and help AIG pay down sums owed to the US government after a series of federal bailouts. – Emirates 24|7
|23 July 2014||Waha Capital reports record Q2 preliminary net profit of Dh 1.1 billion|
|20 July 2014||Dubai FDI launches digital magazine to showcase advantages of investing in the emirate|
|02 July 2014||H.H. Sheikh Hamed bin Zayed Al Nahyan: ADIA 2013 Overview|
|01 July 2014||Mubadala, Egon ink deal for dry bulk freight business|
|30 June 2014||Waha Capital establishes new energy-focused investment unit|