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| Edited By: |Source: Reuters |Updated: Mar 17, 2018, 05:38 AM IST
American International Group Inc's remaining shareholding in AIA Group Ltd after its listing is not of concern to investors, AIA CEO Mark Tucker said on Sunday, as the mega offer enters its home stretch.
AIA, which aims to raise up to $20.5 billion through an Hong Kong initial public offering (IPO), said it plans to sell up to 8.08 billion shares in an indicative range of HK$18.38-19.68 each, setting it on course to be the third-biggest IPO ever.
Tucker, who has about 17 years experience of running life insurance business in Asia, was named AIA CEO in a surprise move in July replacing Mark Wilson. Tucker is credited with building rival Prudential plc's Asia business.
"There has been an incredibly enthusiastic response to this," Tucker told Hong Kong media via video conference about the AIA IPO. Shortage of time was the only issue he was grappling with, Tucker quipped.
"If we could add another add another 20 hours to a day, that would be perfect," Tucker said, flanked by -- Christopher Wei, group chief marketing officer, Jon Nielsen, regional chief financial office, and John Chu, group chief investment officer.
Some analysts have said that bailed-out insurer AIG's stake in AIA could be an overhang on AIA. Even if AIG exercises all its options under the offer, it would be left with a 33% stake in AIA which it can not sell for one year.
"This is not a concern. AIG are clear in terms of their divestment..., this is not an issue in any of the conversation that we have had," Tucker, 52, said from San Francisco.
"AIG comes into this an enthusiastic and supportive shareholder. AIG are very supportive of allowing AIA to be able to run the company for the benefits and value of all of shareholders," Tucker said in his first media conference since taking over as the CEO.
