State to further cut AIB stake by selling over €400 million in shares

The state’s holding in the company will drop to 57 per cent

An AIB cash point in Dublin. Picture:

The government is to sell a further 5 per cent of the state’s shares in AIB in a move which will raise almost €400 million.

The shares are to be sold via a share placing to institutional investors. As a result of the Placing, the overall size of the Irish state’s shareholding in AIB will be reduced from approximately 62 per cent to approximately 57 per cent.

Based on the company’s recent share price, the ...