27th Jan 2025 20:14
(Alliance News) - The Irish Government on Monday said it intends to reduce its stake in AIB Group PLC to around 12.5% from 17.5%.
In a statement, BNP Paribas London said that the government plans to dispose of 5% of its shares in the Irish bank through a placing to institutional investors of around 116 million shares.
The price of the placing will be determined through an accelerated book building process.
At Monday's close share price of 482.17 pence in London, the stake is worth around GBP559 million.
The Irish government has also undertaken not to sell further shares in AIB for 90 days following completion of the placing.
BNP Paribas, BofA Securities Europe SA, Goldman Sachs International and Goodbody Stockbrokers UC have been appointed to act as Joint Bookrunners in connection with the placing.
By Jeremy Cutler, Alliance News reporter
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