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UK-based insurer Prudential Plc announced in a statement that it plans to raise HKD 22.5bn ($2.9bn) via a share sale in Hong Kong. The company plans to offer 130.8mn shares at an offer price of no more than HKD 172 per share, representing at most 5% of the company’s outstanding shares. Up to a quarter of the total sale will be offered only to local Hong Kong investors depending on the demand and clawback provision. The capital raise is to strengthen its financial flexibility with $2.25bn to be used towards redeeming high-coupon debt and the remaining expected to contribute to its liquidity. Mike Wells, chief executive of Prudential said, “Prudential is now entirely focused on long-term structural growth opportunities in Asia and Africa. This share offer will maintain and enhance Prudential’s financial flexibility in light of the breadth of opportunities to invest for growth.”