Asset deals spark rush for AIA shares in heavy trade

AIA Group's shares hit a new high yesterday after news that the third-largest Asian-based insurer was buying ING Group's Malaysian and Thai businesses.

AIA rose 3.6 per cent to a record HK$29.95, before easing to close with a gain of 2.25 per cent at HK$29.55.

It was also the second most-traded stock, with 46 million shares worth HK$1.35 billion changing hands.

Bloomberg reported on September 29 that ING, which is selling assets to comply with European Union orders, was negotiating final terms to sell its businesses in Malaysia and Thailand to AIA for about €1.4 billion (HK$14 billion). A deal could be announced by the middle of this month.

AIA and ING declined to comment.

AIA chief executive Mark Tucker said in February the company was looking into possible acquisitions at financially viable prices.