Prudential brings forward HK listing

8th Mar 2010 07:05

Prudential has accelerated its plans for a listing on the Hong Kong Stock Exchange and now wants it effective before its $20bn rights issue to fund the purchase of AIG Asia.The listing comes as Prudential launches a roadshow this week to help persuade investors of the merits of the $35.5bn AIG Asia purchase.Reports over the weekend suggested UK shareholders are furious after being excluded from sub-underwriting the rights issue. A group of thirty banks has been signed up instead and are set to reap hundreds of millions of dollars in fees.Prudential has also reportedly met with a much warmer reception for the deal in Asia than in Europe. Shares in the life insurer started to recover at the end of last week, which was attributed to buying in Asia, where some analysts suggest the Pru is buying AIG Asia for a bargain price.The Hong Kong listing will be effected by an Introduction, with a dual-primary listing alongside its primary listing of ordinary shares in London. Prudential is not issuing any new shares other than those in the rights issue.