24th Sep 2021 21:46
(Alliance News) -Â Prudential PLC is planning to price its Hong Kong share offering at HKD143.80 each, Bloomberg reported on Friday.
The price, equivalent to around GBP13.51 per share, would mean the London-based insurer raises around HKD18.8 billion, or GBP1.77 billion.
The prospective price represents a discount of 2.9% to its last close in London, Bloomberg reported, citing a person familiar the matter.
https://www.bloomberg.com/news/articles/2021-09-24/prudential-s-hong-kong-share-sale-is-said-expected-at-hk-143-80
Shares in Prudential closed up 0.1% at 1,392.00 pence in London on Friday.
Prudential last weekend unveiled the Hong Kong share raise plans, planning an offer of up to 5% of its issued share capital, or around 130.8 million shares, at a price of no more than HKD172 each.
"The proceeds are expected to maintain and enhance Prudential's financial flexibility in light of the breadth of opportunities to invest for growth in Asia and Africa. Specifically, USD2.25 billion (approximately HKD17.5 billion) is expected to be used to redeem existing high coupon debt, with the remaining net proceeds expected to contribute to Prudential's central stock of liquidity," the company said.
By Lucy Heming;Â [email protected]
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