Genworth Mortgage Insurance Australia’s
(ASX:GMA) parent, US-listed Genworth Financial Inc (NYSE:GNW), will sell a 14.2 per cent stake in the mortgage lender.
Following the transaction Genworth Financial will hold an interest of about 52 per cent in Genworth Mortgage Insurance Australia.
Genworth advises 92.3 million shares have been sold at $3.08 per share through a fully underwritten sell down to equity market investors.
The announcement comes almost exactly one year after Genworth Financial sold a 34 per cent interest in its Australian arm as part of its $530 million float on the ASX.
Genworth Mortgage Insurance Australia reported a net profit of $215 million over the 2014 calendar year.
