Prudential is lining up a secondary listing of its shares in Singapore to complement its planned dual primary listing in Hong Kong. It is aiming to have both live before shareholders vote on its $35.5bn agreed takeover of AIG’s Asian businesses, according to people familiar with the plans.
The secondary listing will add another shop front in Asia for the Pru – it hopes to attract a host of Asian and global investors if shareholders give the go-ahead to its ambitious takeover of AIA.
GIC, the Singapore government’s investment fund, last month signed up to underwrite a multi-billion dollar chunk of the Pru’s $21bn (£16.6bn) rights issue, which the company needs to help fund the deal. The UK’s largest life assurer is expected to release terms for the rights issue, which will almost double its equity capital base, at the end of the month.
Pru shares slipped almost 4 per cent in late trade on Wednesday to 564½p as rumours spread that an announcement on the rights issue was coming on Thursday. The Pru declined to comment on either the rights issue or the listing plans.