FWD’s CEO Huynh Thanh Phong talks about why he is buying a Japanese insurer from AIG and how it fits into the insurance platform he is building across Asia.
Sources say the $290 million offering is multiple times covered including excess applications, helped by a generous discount to the latest market price.
The deal attracts massive demand and prices at a tight 4.3% discount, which results in a higher price per share than on AIG’s other two sell-downs in the pan-Asian life insurer this year.
The Korean power producer sells a 5% block in Kepco Plant Service & Engine on a day when global investors are focused on the US government’s sell-down in AIG.