American International Group (AIG) is to sell its remaining 10,677,702 ordinary shares in aircraft-leasing company AerCap Holdings by means of an underwritten public offering.

Closing of the transaction is scheduled for 24 August. AIG will receive net cash proceeds of approximately $500m. After the closing of the sale, AIG will not own any ordinary shares of AerCap.

The insurance company, which held a 5.4% stake in the Dutch company on 30 June, had already sold most of its original 46% stake in AerCap.

"The sale of our remaining ordinary shares of AerCap marks a further step in our efforts to enhance intrinsic value," said Peter Hancock, president and CEO, AIG. "It adds to AIG's financial flexibility and provides us with an opportunity to maximise shareholder value – whether through continued balance sheet optimisation and capital management, organic growth investment, or inorganic acquisitions that help us meet our customers' needs."