<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published April 24, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Pru shares to start trading here on May 11
It will float shares in HK also on same day; GIC among those which have agreed to underwrite rights issue
By MICHELLE QUAH
BRITAIN'S largest life insurer, Prudential, has confirmed its plans to float its shares in Singapore, giving the Republic its most high-profile listing to date. Prudential's shares will start trading in Singapore on May 11 and on the same day in Hong Kong, where the company has also just received regulatory approval to be listed.
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</TD></TR><TR class=caption><TD>STRONG ENDORSEMENT
The UK life insurer's rights issue will be the most high-profile listing here to date</TD></TR></TBODY></TABLE>Singapore Exchange CEO Magnus Bocker said: 'We are very proud that Prudential has chosen to list here. It's a strong endorsement for us and for the Singapore financial market.'
The insurer, whose primary listing is in the United Kingdom, is pushing ahead with plans to have its shares traded in Hong Kong and Singapore to draw Asian investors to a US$21 billion rights issue.
The rights issue, to be offered in May, will fund Prudential's US$35.5 billion agreed takeover of AIG's main Asian unit, AIA Group. Prudential needs a 75 per cent majority approval from its shareholders before the rights issue can take place. British investors have been critical of the deal, questioning the price being paid for AIA, but Asian investors are believed to be more supportive of it.
Prudential has said that investors who take up its shares before May 24 will be able to take up the rights issue.
The Government of Singapore Investment Corp (GIC), which currently owns a 0.5 per cent stake in the insurer, is one of the 30 banks and sovereign wealth funds that have agreed to underwrite Prudential's rights issue.
When asked by BT yesterday, GIC declined to comment on these latest developments and on how Prudential's secondary listing here would affect its investment in the company.
Prudential has said that no new shares will be offered for the listings in Hong Kong and Singapore, and they will debut on the two exchanges by way of an 'introduction', rather than the typical initial public offering.
Prudential shares in the UK are currently valued at around £pounds;13.8 billion (S$29 billion).
The shares are fully funded and will be tradeable in the three markets. Hong Kong will be Prudential's second (dual) primary listing, while Singapore will be its secondary listing.
The insurer said that it expects to publish listing documents for the Hong Kong introduction and the Singapore introduction on or around May 5.
Mr Bocker said: 'We're going to do our best to make it as attractive as possible for people to trade Prudential shares in Singapore. We've spoken to several market makers to come on board to support the trading of the shares and to ensure there is sufficient liquidity.'
Prudential chief executive Tidjane Thiam has pledged to retain the company's primary listing in Britain even if the insurer sells its UK business and moves its head office to Asia after the AIA takeover.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Pru shares to start trading here on May 11
It will float shares in HK also on same day; GIC among those which have agreed to underwrite rights issue
By MICHELLE QUAH
BRITAIN'S largest life insurer, Prudential, has confirmed its plans to float its shares in Singapore, giving the Republic its most high-profile listing to date. Prudential's shares will start trading in Singapore on May 11 and on the same day in Hong Kong, where the company has also just received regulatory approval to be listed.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>STRONG ENDORSEMENTThe UK life insurer's rights issue will be the most high-profile listing here to date</TD></TR></TBODY></TABLE>Singapore Exchange CEO Magnus Bocker said: 'We are very proud that Prudential has chosen to list here. It's a strong endorsement for us and for the Singapore financial market.'
The insurer, whose primary listing is in the United Kingdom, is pushing ahead with plans to have its shares traded in Hong Kong and Singapore to draw Asian investors to a US$21 billion rights issue.
The rights issue, to be offered in May, will fund Prudential's US$35.5 billion agreed takeover of AIG's main Asian unit, AIA Group. Prudential needs a 75 per cent majority approval from its shareholders before the rights issue can take place. British investors have been critical of the deal, questioning the price being paid for AIA, but Asian investors are believed to be more supportive of it.
Prudential has said that investors who take up its shares before May 24 will be able to take up the rights issue.
The Government of Singapore Investment Corp (GIC), which currently owns a 0.5 per cent stake in the insurer, is one of the 30 banks and sovereign wealth funds that have agreed to underwrite Prudential's rights issue.
When asked by BT yesterday, GIC declined to comment on these latest developments and on how Prudential's secondary listing here would affect its investment in the company.
Prudential has said that no new shares will be offered for the listings in Hong Kong and Singapore, and they will debut on the two exchanges by way of an 'introduction', rather than the typical initial public offering.
Prudential shares in the UK are currently valued at around £pounds;13.8 billion (S$29 billion).
The shares are fully funded and will be tradeable in the three markets. Hong Kong will be Prudential's second (dual) primary listing, while Singapore will be its secondary listing.
The insurer said that it expects to publish listing documents for the Hong Kong introduction and the Singapore introduction on or around May 5.
Mr Bocker said: 'We're going to do our best to make it as attractive as possible for people to trade Prudential shares in Singapore. We've spoken to several market makers to come on board to support the trading of the shares and to ensure there is sufficient liquidity.'
Prudential chief executive Tidjane Thiam has pledged to retain the company's primary listing in Britain even if the insurer sells its UK business and moves its head office to Asia after the AIA takeover.
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