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American International Group (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) is seeking to raise about $190 million by selling its remaining shares in China’s PICC Property and Casualty Co Ltd, according to a term sheet of the deal seen by IFR on Saturday.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ is offering 111 million shares at a floor price of HK$13.39 each, representing 0.5 percent discount to PICC Property and Casualty’s last traded price, the terms showed.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ has been steadily selling down its stake in PICC over the past two years and has raised about $2.6 billion prior to Saturday’s trade. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ acquired shares in PICC Property and Casualty ahead of the Chinese insurer’s Hong Kong IPO in 2003.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ was not available for immediate comment. PICC could not be reached for comment.

(Reporting by Fiona Lau at IFR; Writing by Denny Thomas; Editing by Jon Boyle)

Topics Carriers China Property Casualty ÌìÃÀÍøÕ¾´«Ã½´«Ã½