Stock Groups

Prudential eyes $2.41 billion raising in Hong Kong share sale

by Mike Robinson

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© Reuters.

By Scott Murdoch

HONG KONG (Reuters) – Prudential (NYSE:) is seeking to raise $2.41 billion by pricing its stock at HK$143.8 each in its Hong Kong share sale, according to two sources with direct knowledge of the matter.

Because the information was not made public, they could not identify their sources.

Prudential didn’t immediately respond to an outside-office request for comment.

Prudential was able to sell 130.8 million shares or 5% its share capital. This deal marked the first time that Hong Kong’s retail investors could participate in a follow-on placement.

Investors were given price guidance that represented a discount of 3% from Friday’s London stock closing price.

Prudential (a multi-insurance company) stated it intended to make use of most funds raised for the repayment of high-coupon bonds within six months.

According to the company, they would add funds to their cash reserves with any remaining money.

($1 = 7.7854 Hong Kong dollars)

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