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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