AIA plans to float a 50 percent stake in its Asian insurance
American International Group plans to float a 50 percent stake in its Asian insurance arm to raise as much as US$20 billion (HK$156 billion) for the repayment of billions of dollars to the US government, the Wall Street Journal reported.

AIG aims to list roughly half of American International Assurance in an initial public offering for US$15 billion to US$20 billion, the report said.

A listing prospectus has to be ready before October if AIG wants to go ahead with the float by the year end, the report said.

AIG earlier held a board meeting to decide a listing of AIA, after the merger with Prudential (2378) was scrapped in June.

ADVERTISEMENT

Meanwhile, mainland developer Tian Shan Development (2118) surged as much as 24.3 percent while China ITS (1900) went flat on their trading debuts yesterday.

Tian Shan ended at HK$1.46 from its offer price of HK$1.40, after rallying to HK$1.74. Shareholders made a paper gain of HK$120 per board lot of 2,000 shares.

China ITS ended at HK$3.49, up 1 percent from its offer price.