Pru eyes Hong Kong rights issue
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Prudential has revealed it is to speed up its plans to float on the Hong Kong stock market before its mammoth rights issue to fund the buyout of AIA.
According to the Times, Prudential will float before the rights issue so as to be able to raise funds from Hong Kong shareholders as well as shareholders in the UK.
Prudential will be laluching a £13.8bn ($21bn) rights issue to help fund the £35.5bn acquisition of AIG’s Asian arm, AIA.
On Thursday, Prudential revealed that Credit Suisse, HSBC and JP Morgan Cazenove were to spread the risk of underwriting the rights issue between 30 banks, forming a syndicate of underwriters.
A Prudential spokesman told the paper: “Asian investors had been prepared for the AIA initial public offering so there is strong demand from Asian investors for shares in both AIA and in the combination of Prudential and AIA.”
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