Prudential is completing its pivot to Asia by selling new shares in Hong Kong. The Fragrant Harbour is already home to $137 bln rival AIA, which the Pru failed to buy a decade ago. Now they’re set to compete over punchy valuations, says JennHughes13
UK-based insurer Prudential on Sept. 20 launched a share sale in Hong Kong to raise up to $2.9 billion. The deal marks the final stage in the company refocusing on its Asia business after it completed the demerger of its U.S. unit, Jackson Financial, earlier this month.
The offer represents 5% of its common equity currently outstanding, is capped at HK$172 per share and closes on Friday with trading to begin Oct. 4. The Pru first listed shares in Hong Kong in 2010. Its London-traded stock fell 8.4% in London on Sept. 20 following news of offer launch.Shadows are cast onto the logo of British life insurer Prudential on their building, in London October 21, 2008.
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