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Prudential Plans To Raise Up To About US$3 Bln In Stock Placement In Hong Kong

Prudential plc (PRU.L,PUK) announced a share offer to raise up to 5 percent of its issued share capital, or about 130.8 million shares, on the Hong Kong Stock Exchange through a concurrent Hong Kong public offer and international placing. The offer price for the Public Offer will be no more than HK$172 per share.

The Public Offer, which consists of up to about 6.5 million new shares initially to be issued in Hong Kong and includes a preferential offer to eligible employees and agents of up to approximately 1.3 million shares.

The total number of shares available under the Public Offer could be adjusted to up to a maximum of approximately 32.7 million new Shares, representing 25 per cent. of the total shares initially available in the Share Offer.

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, US$2.25 billion or about HK$17.5 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.

Prudential expect to determine the Public Offer Price and the Placing Price on or around 25 September 2021. Completion of the Share Offer and commencement of dealings in the new shares on the Main Board of the Hong Kong Stock Exchange are expected on Monday, 4 October 2021.

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