Prudential Plc plans to raise up to the equivalent of US$2.89 billion in a new share offering in Hong Kong as the insurance giant eyes long-term growth opportunities in Asia and Africa.
Prudential intends to offer as many as about 130.8 million shares, or up to 5% of its issued share capital, on the Hong Kong stock exchange through a concurrent public offer and international placing to increase its Asian shareholder base, it said in a statement on Saturday.
The new shares will be offered at a maximum of HK$172 apiece and will be traded in Hong Kong on Oct. 4. Pricing is expected on Sept. 25, the company said.
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