AIA set to float in Hong Kong
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AIA has submitted plans to float on the Hong Kong stock exchange just two months after Prudential’s failed attempt to buy the business.
According to the Telegraph, the Asian arm of AIG could be on the Hong Kong stock exchange as soon as next month. The move comes after former Prudential chief executive Mark Tucker took the reigns at AIA in July.
AIG, the parent firm, still owes the US Federal Reserve $23.7bn after its 2008 bailout. Reports from as early as May of this year hinted that AIA would float if the Prudential deal fell through.
Louis Capital Markets head of equities Ben Collett told the Telegraph: “The AIG management and US government really have had no other options than an IPO. They are clearly rushing this sale in order to get the Fed its money back.
“I hope that translates to a fair valuation, but that is out of Tucker’s hands and in those of the AIG board and Federal Reserve.”
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