Prudential expects to list in Hong Kong on May 11
Insurance giant Prudential, which has agreed to buy the Asian arm of troubled US insurer AIG, said Friday its shares were expected to start trading in Hong Kong on May 11.
London-listed Prudential said in a statement that it has also applied for a secondary listing in Singapore on the same date as its Hong Kong debut.
The planned listings in Asia is seen as a move to garner support from regional investors for a 20 billion-dollar rights issue to help fund the acquisition of the AIA group from American International Group (AIG).
Prudential said terms of the rights issue would be announced on May 5, allowing investors time to digest them before a vote on it in a general meeting held on May 27.
"I am pleased to confirm that alongside the AIA transaction, plans for our dual primary listing in Hong Kong are on track," Tidjane Thiam, Prudential's group chief executive, said in the statement.
"The two new listings (in Hong Kong and Singapore) will enable investors in Asia to participate in the outstanding growth potential that Prudential offers."
The company said it would keep a primary listing of its shares in London, which "will remain the largest market for our investors".
The Hong Kong and Singapore listings will be done by way of introduction, which means adding trading venues without issuing new shares.
Prudential has agreed to buy AIA for 35.5 billion US dollars in a deal that will make it the insurance sector's biggest-ever takeover.
The buyout would transform Prudential into the world's top non-Chinese insurer by market capitalisation, ahead of major competitors Allianz and AXA.
© 2010 AFP