Wealth fund KIA said to be seller of HK$26.8 billion AIA stake
The sovereign wealth fund offloaded a 3.7 per cent stake in Hong Kong-based AIA through a series of block trades, the sources said, asking not to be identified because the information is private.
The 394.4 million shares were sold at HK$68 apiece, according to data compiled by Bloomberg. That's a discount of 6 per cent from AIA's on Thursday (Jul 3) close in Hong Kong, and the insurer's shares dropped 4.4 per cent on Friday. Bloomberg News reported earlier that a single unidentified seller was behind the trades.
A representative for KIA said the fund does not comment on its investment activities. A spokesperson for AIA did not immediately respond to queries outside regular business hours.
It's Hong Kong's fourth-largest share sale this year, according to data compiled by Bloomberg. The deal comes amid a pick-up in deals in the city, which was the world's second-largest market for equity offerings in the first half. BLOOMBERG
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