Prudential Prices Public Offer, Placing At HK$143.8/shr

Prudential Plc (PRU), a multinational insurance company, on Monday, said its final offer prices for both public offering and placing are set at HK$143.8 per share. The net proceeds from the share offer are estimated to be approximately HK$18.5 billion.

Out of the expected total net proceeds, around HK$17.5 billion is expected to be used to redeem existing high coupon debt within six months, following the date of the prospectus, with the remaining net proceeds expected to contribute to the company's central stock of liquidity, the London-based insurance provider said in a statement.

Dealings in the offer shares on the main board of the HK Stock Exchange are expected to commence on October 4.

The offer shares are expected to be admitted to the premium listing segment of the official list and the main market of the London Stock Exchange on the first Monday of next month. Admission to the listing of the offer shares on the Singapore Stock Exchange will take effect on October 4.

Earlier last week, the company had announced that it was raising up to five percent of its issued share capital, or up to about 130.8 million new shares, through a concurrent Hong Kong public offer and international placing.

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