30th Sep 2022 11:56
(Alliance News) - Irish Department of Finance on Friday said its AIB Group PLC share disposal trading plan has resumed, following a "lock-up" period.
Back in December 2021, the Irish government announced its plans to sell part of its stake in Dublin-based bank AIB through a trading plan managed by Merrill Lynch International. At the time, the state held a 71% stake in AIB.
The trading plan was initially meant to run for six months, starting in mid-January 2022. In June, the share trading plan was extended by the Irish Department of Finance to January 24, 2023.
Later that month, the plan was paused following the Irish State's successful disposal of shares in AIB by way of an accelerated bookbuild.
On Friday, the plan was resumed. The Irish government also set a target that up to, but no more than, 15% of AIB trading volume will be sold over the duration of the share trading plan.
It added that the number of shares sold will depend on market conditions.
The Irish state now owns 63.5% of AIB.
"It continues to be this government's belief that banking in the main is an activity that should be provided by the private sector and that taxpayer funds which were used to rescue the banks should be recovered and used for more productive purposes," the Irish minister said.
Shares in AIB were up 3.9% to 211.80 pence each in London on Friday around midday.
By Sophie Rose; [email protected]
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