Kuwait Wealth Fund Said to Be Seller of $3.4 Billion AIA Stake - Bloomberg
The Kuwait Investment Authority was the undisclosed shareholder behind the HK$26.8 billion ($3.4 billion) sale of a stake in insurer AIA Group Ltd., people with knowledge of the matter said.
The sovereign wealth fund offloaded a 3.7% stake in Hong Kong-based AIA through a series of block trades, the people 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% from AIA’s Thursday close in Hong Kong, and the insurer’s shares dropped 4.4% on Friday. Bloomberg News reported earlier that a single unidentified seller was behind the trades.
A representative for KIA said the fund doesn’t comment on its investment activities. A spokesperson for AIA didn’t 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.
Morgan Stanley arranged the AIA selldown.
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