American International Group (AIG) 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.

AIG 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.
AIG 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. AIG acquired shares in PICC Property and Casualty ahead of the Chinese insurer’s Hong Kong IPO in 2003.

AIG was not available for immediate comment. PICC could not be reached for comment.