tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, May 31st, 9:21PM

Insurance

rss
Latest Headlines

AIA announces global offering

AIA is launching its Initial Public Offering (IPO) on the Stock Exchange of Hong Kong (HKEx), however AIA US will still own between a third to a half of the company, there are cornerstone investors and the rest will be available to the public.

Tuesday, October 19th 2010, 10:50AM

by Jenha White

A base number of approximately 5.86 billion AIA shares will be offered in the Global Offering.

Up to 8.08 billion AIA shares may be offered in total if the underwriters choose to exercise in full both the Offer Size Adjustment Option representing up to an additional 20% of the base number of shares offered and the Over-Allotment Option representing up to 15% of the total shares offered in the Global Offering, including any shares offered under the Offer Size Adjustment Option.

The Global Offering will include a Hong Kong Public Offer of approximately 586 million AIA shares and an International Placing of approximately 5.27 billion AIA shares at an offer price range of HK$18.38 per share to HK$19.68 per share.

AIA Aurora LLC, a wholly-owned subsidiary of American International Group (AIG), currently owns all of the issued and outstanding shares of AIA Group Limited.

Immediately after the Global Offering, AIG (through AIA Aurora LLC) is expected to own between 51.4% and 32.9% of AIA's issued and outstanding share capital, depending on whether and the

extent to which, the Offer Size Adjustment Option and the Over-Allotment Option are exercised.

As part of the International Placing those that have agreed to purchase an aggregate of approximately US$1,920 million worth of shares as cornerstone investors at the final offer price are:

Chow Tai Fook Nominee Limited, Guoco Management Co. Ltd, Guoline Capital Limited, Hong Leong Assurance Berhad, Kumpulan Wang Persaraan (Diperbadankan), Kuwait Investment Authority, Lorita Investments Limited, NWS Financial Management Services Limited and Wing Trade Investments Limited.

The Hong Kong Public Offer opened today and will close on 21 October with trading of shares expected to commence on the Hong Kong Stock Exchange on 29 October.

The shares will be traded in board lots of 200 shares.

AIA Group executive chairman and chief executive Mark Tucker says AIA's vision is to be the pre-eminent life insurance provider in the Asia Pacific region.

"We believe that no company is better placed than AIA in terms of customers, distribution, products, geography, scale and financial strength to exploit the pan-Asian growth opportunity."

AIA says its strategy for growth is to:

  • Continue to build its tied agency distribution strength in all markets;
  • Expand and broaden its bancassurance and direct marketing distribution channels;
  • Deepen relationships with customers through cross-selling and up-selling opportunities;
  • Increase the proportion of high margin products;
  • Meet Takaful/Shariah market needs in Malaysia and Indonesia;
  • Maximise the value of its opportunities in China and India;
  • Drive operational efficiencies to further streamline its business and reduce costs; and
  • Be an employer of choice

 

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

« Big boost in level sales recorded before tax changesAXA launches a blended YRT and level premium structure »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Fitch runs Covid-19 ruler over industry
AIA has had its Fitch rating affirmed with a stable outlook, while Suncorp is affirmed with outlook revised to negative.

MDRT waives production requirements
MDRT has waived production requirements for its members this year.

Rating agency gives Partners the tick; Here's what it said
A M Best says Partners Life has a very strong balance sheet and has continued to award its current rating.

Hardship fund for Asteron customers
Suncorp is establishing a $2 million hardship fund for Vero and Asteron Life customers.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com