$2.89 billion

Amount insurance major aims to raise in a new Hong Kong share offering

The insurance giant intends to offer as many as about 130.8 million shares, or up to 5 per cent of its issued share capital, on the Hong Kong stock exchange through a concurrent public offer and international placing to increase its Asian shareholder base, it said in a statement as it eyes long-term growth opportunities in Asia and Africa.

The new shares will be offered at a maximum of HK$172 ($22.10) apiece and will be traded in Hong Kong on October 4. Pricing is expected on September 25, the company said. Prudential plans to use $2.25 billion of the sale proceeds to redeem existing high coupon debt, with the balance to contribute to investments in Asia and Africa.