Last checked at 
(Sharecast News) - UK life insurer Prudential said it planned to raise £2bn through a public offer and international share placing on the Hong Kong Stock Exchange.
The 173-year-old company said it intended to use most of the proceeds to pay down debt and give it "financial flexibility in the light of the breadth of opportunities to invest for growth in Asia and Africa".
Prudential said it plans to offer 130.8m new shares, or 5% of its issued share capital, at HK$172 per share, adding that an additional 32.7m new shares could also be issued.
It expects to determine the public offer price and the placing price on or around September 25, with trading expected to begin on October 4.
The company last week completed the demerger of its US business Jackson Life, after pressure from activist shareholder Third Point which built up a 5% stake in the Pru last year.
Hedge fund Third Point demanded a separation of Prudential's American and Asian businesses after its boss Daniel Loeb said there was "no discernible benefit" from the two divisions being operated under the same corporate umbrella.
2 Aug 2023 17:04
UK's FTSE 100 at two-week low as surprise US credit rating cut sours mood
Fitch downgrades U.S. credit rating to AA+
*Read more