Prudential seeks listing in Hong Kong
Insurer Prudential (LSE: PRU) said that further to the announcement on 1 March 2010 regarding the reverse takeover of Prudential by AIA Group Ltd, it has made an application to the Hong Kong Stock Exchange for the listing of its shares. It is now aiming to have the listing effective prior to launch of the rights issue announced on 1 March 2010.
The listing will be as a dual-primary listing alongside its primary listing of ordinary shares in London. Prudential is not proposing to offer new ordinary shares in connection with the listing other than those being offered under the rights issue.
Prudential confirmed that it has entered into foreign exchange hedging arrangements in respect of its requirement to convert the pounds sterling proceeds of the rights issue into US dollars, which is the currency in which Prudential must pay the cash element of the consideration.
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