iPhone | iPad
Android
Huawei
Global oil benchmark Brent crude futures fell 0.91 per cent to $115.17 per barrel
Markets6 days ago
KT APPDOWNLOAD
US Treasury to sell $5 bn of AIG stock
The US Treasury is to sell $5 billion worth of shares in American International Group Inc. (AIG) in a stock offering, with the bailed-out insurer buying $2 billion.
AIG, seen as a symbol of the excesses that epitomized the global financial meltdown in 2008, was saved from almost certain bankruptcy in September that year by the US government.
The Treasury announced in a statement Sunday that it would sell 163,934,426 shares of its AIG common stock at $30.50 per share in an underwritten public offering, its third such sale since the government intervened at the company.
“The aggregate proceeds to Treasury from the common stock offering are expected to be approximately $5.0 billion,” the statement said.
“As part of Treasury’s offering, AIG agreed to purchase 65,573,770 shares at the public offering price of $30.50 per share — representing $2.0 billion of Treasury’s expected proceeds from the sale,” it added.
The offering will reduce the government’s holding in AIG from 70 percent to 63 percent, according to the Treasury which first trailed the sale on Friday but without giving details.
AIG shares closed at $32.83 on Friday, down 3.84 percent.
US government assistance for AIG, which in 2008 was swept into a liquidity crisis by its exposure to credit default swaps on mortgage-backed securities, has amounted to more than $180 billion.
More news from Markets
Spot gold was down 0.04 per cent at $1,838.45 per ounce as of 9.15am UAE time
Markets6 days ago
The dollar index fell 0.30 per cent to 104.38
Markets1 week ago
Spot gold was trading at $1,842.76 per ounce at 9.30am UAE time, up 0.22 per cent
Markets1 week ago
Saudi Arabia’s benchmark index slid 4.4 per cent, its biggest intraday fall since November 2021, as stocks fell across the board including oil behemoth Saudi Aramco, which retreated four per cent
Markets1 week ago
The south Asian nation currency is expected to remain under pressure as the greenback is in high demand in the market due to uncertainty over political and economic crises
Markets1 week ago
Investors worry that Fed rate hike could have adverse effects on economic growth
Markets1 week ago
The Dow Jones Industrial Average lost 2.4 per cent and was briefly down more than 900 points
Markets1 week ago