TIDMPRU
RNS Number : 8751N
Prudential PLC
04 October 2021
This announcement is not for release, publication, distribution,
directly or indirectly, in or into the United States or any other
jurisdiction where such distribution is prohibited by law.
NEWS RELEASE
4 October 2021
Prudential plc marks the listing of 130,780,350 new shares on
the Hong Kong Stock Exchange
On 30 September 2021, Prudential plc ("Prudential"), an insurer
providing life and health insurance and asset management in Asia
and Africa, announced that its Share Offer (as defined below) had
been over-subscribed.
Today, dealing in the 130,780,350 new shares issued under the
Share Offer has commenced on the Main Board of the Hong Kong Stock
Exchange under the stock code 2378. The new shares have also been
listed on the Singapore Stock Exchange, and will be admitted to the
Main Market of the London Stock Exchange and the premium listing
segment of the Official List of the Financial Conduct Authority
today.
The new shares have been admitted following the completion of
Prudential's recent Hong Kong public offer (the "Public Offer") and
international placing (the "Placing") (together the "Share Offer"),
raising approximately HK$18.5 billion or US$2.4 billion(1). The
proceeds of the Share Offer will be used to maintain and enhance
Prudential's financial flexibility in light of the breadth of
opportunities to invest for growth in its chosen markets in Asia
and Africa.
Prudential has leading positions in Hong Kong and South-east
Asia and sees the greatest growth opportunities in the largest
economies of China, India, Indonesia and Thailand.
The Group has distinctive competitive advantages, including its
access to 83 per cent. of Mainland China's GDP and its pan-Asia
asset manager, Eastspring which has top-10 positions in seven out
of the 11 markets in which it operates , and a multi-channel
distribution strategy which includes a leading agency force and an
extensive bancassurance network with more than 28,000 bank
outlets.
Prudential raised equity in Hong Kong to grow its investor base
in the region and to increase the liquidity of its shares in Hong
Kong. This transaction shows Prudential's confidence in Hong Kong,
where it has had a dual primary listing since 2010, as a major
international financial centre.
Mike Wells, Group Chief Executive, Prudential plc said:
"Prudential is now entirely focused on long-term structural growth
opportunities in Asia and Africa, and our Share Offer has allowed
us to broaden our Asian shareholder base and afforded retail
shareholders in one of our key markets an additional opportunity to
join us on our journey as we execute our strategy. We have market
leading positions in high growth markets where there is increasing
demand for the health protection and savings products we provide.
We are well positioned to take advantage of the opportunities ahead
of us and are focused on reinvesting our capital for growth at
attractive margins, having generated nearly 4 dollars of value for
every dollar invested in new business."
To mark this corporate milestone, Prudential hosted a market
opening ceremony event at HKEX Connect Hall, attended by Group
Executive Board member James Turner, Regional Financial Officer Ben
Bulmer and Chief Executive of Insurance Lilian Ng. The Group was
honoured at today's event by the attendance of Secretary for
Financial Services and the Treasury Mr Christopher Hui, Chairman of
the Insurance Authority Dr Moses Cheng, and Chief Executive Officer
of Hong Kong Exchanges and Clearing Limited Nicolas Aguzin.
(1) After deduction of the underwriting fees and other estimated
expenses payable in connection with the Share Offer.
Notes to Editors
Enquiries:
Media Investors/Analysts
Addy Frederick +44 (0)20 3977 9399 Patrick Bowes +44 (0)20 3977
9702
Ping Ping Tan +65 9845 8904 William Elderkin +44 (0)20 3977
9215
About Prudential plc
Prudential plc provides life and health insurance and asset
management, with a focus on Asia and Africa. The business helps
people get the most out of life, by making healthcare affordable
and accessible and by promoting financial inclusion. Prudential
protects people's wealth, helps them grow their assets, and
empowers them to save for their goals. The business has more than
17 million life customers in Asia and Africa and is listed on stock
exchanges in London, Hong Kong, Singapore and New York. Prudential
is not affiliated in any manner with Prudential Financial, Inc. a
company whose principal place of business is in the United States
of America, nor with The Prudential Assurance Company Limited, a
subsidiary of M&G plc, a company incorporated in the United
Kingdom.
Disclaimers
This announcement is for information purposes only and does not
constitute an offer or an invitation to induce an offer by any
person to acquire, purchase or subscribe for any securities. This
announcement is not a prospectus. Potential investors should read
the Prospectus for detailed information about the Share Offer
described below before deciding whether or not to invest in the
Shares.
This announcement does not contain or constitute, and is not, an
offer to sell or a solicitation of any offer to buy securities in
Hong Kong, the United States or any other jurisdiction. Any such
offer or invitation will be made only by means of a prospectus that
may be obtained from Prudential (if published) and that will
contain detailed information about Prudential and management, as
well as financial statements, and only in jurisdictions in which
such offer or invitation may legally and validly be made. The
publication, distribution or release of this announcement may be
restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein may
come should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such
jurisdiction.
The Offer Shares have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or the securities laws of any state or other
jurisdiction of the United States and may not be offered or sold,
pledged or transferred within the United States or to, or for the
account or benefit of, any U.S. Persons (as defined in Regulation S
under the U.S. Securities Act), except pursuant to an exemption
from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and applicable state or
local securities laws. Prudential does not intend to register the
Offer Shares in the United States or to conduct a public offering
of securities in the United States.
Forward-looking statements
This announcement may contain 'forward-looking statements' with
respect to certain of Prudential's plans and its goals and
expectations relating to its future financial condition,
performance, results, strategy and objectives. Statements that are
not historical facts, including statements about Prudential's
beliefs and expectations and including, without limitation,
statements containing the words 'may', 'will', 'should',
'continue', 'aims', 'estimates', 'projects', 'believes', 'intends',
'expects', 'plans', 'seeks' and 'anticipates', and words of similar
meaning, are forward-looking statements. These statements are based
on plans, estimates and projections as at the time they are made
and speak only as of the date on which they are made, and therefore
undue reliance should not be placed on them. By their nature, all
forward-looking statements involve risk and uncertainty. Prudential
expressly disclaims any obligation to update any of the
forward-looking statements contained in this announcement or any
other forward-looking statements it may make, whether as a result
of future events, new information or otherwise except as required
pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK
Disclosure and Transparency Rules, the Hong Kong Listing Rules, the
SGX-ST listing rules or other applicable laws and regulations.
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