AIG sells $1.25bn in shares of Chinese insurer PICC

American International Group has raised HK$9.68 billion ($1.25 billion) by selling a large chunk of its stake in China’s PICC Property and Casualty Co Ltd in a block deal, IFR reported on Sunday. According to Reuters, AIG sold about 740 million shares at HK$13.08 each, or near the bottom end of a marketing range, IFR said, citing sources close to the deal. Most of the shares were bought by institutional investors, it added. With this, AIG has raised about $2.6 billion by selling PICC P&C shares since last year, after investing in the company ahead of its IPO in 2003.