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The state reduces the AIB share to 63.5 percent

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Finance Minister Paschal Donohoe TD said the state’s stake in AIB fell to 63.5 percent after the successful sale of about 5 percent of its stake.

The sale of the stake, announced yesterday by Secretary Donohoe, increased the government’s stake from 68.5 percent to 63.5 percent.

The sale of around 133.6 million shares raised around EUR 308.4 million at a price of EUR 2.28 per share.

The shares were sold to institutional investors in a placement, a quicker way to sell the state’s stake than placing shares on the market.

The proceeds of the sale will now be paid back to the Treasury by the Ireland Strategic Investment Fund. The Treasury Secretary will not sell any further shares in AIB for a period of 90 days after the closing of the Offering.

Colin Hunt, CEO of AIB, said the divestment of the 5-part interest was “an important development in the process of returning the government’s investment in the group and a normalization of the share register”.

AIB has now recovered about half of the €20.8 billion cost of saving AIB over more than a decade.

Last week Secretary Donohoe extended the AIB stock trading plan through January 24 next year. It should end no later than July 10th.

https://www.independent.ie/business/irish/state-reduces-aib-stake-to-635pc-41797188.html The state reduces the AIB share to 63.5 percent

Fry Electronics Team

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