Prudential names date for Asian listings

PRUDENTIAL has said it plans to list in Hong Kong on 11 May and also confirmed a secondary listing in Singapore as it prepares to fund its $35.5bn (£23.6bn) takeover of Asian rival AIA.

The move to list in Asia is expected to draw local investors to a $21bn rights issue, launched to fund its acquisition of AIA, American International Group's Asian life insurance unit.

the insurer said the Hong Kong Stock Exchange (HSE) had reviewed its application on 21 April and that trading in its shares was expected to begin on 11 May.

It also confirmed plans for a secondary listing in Singapore on the SGX-ST, with trading also expected to begin on May 11.

Prudential said it would publish documents for each of the listings on or around 5 May.

Group chief executive Tidjane Thiam said in a statement: "I am pleased to confirm that alongside the AIA transaction, plans for our dual primary listing in Hong Kong are on track. Historically the UK has been, and will remain, the largest market for our investors and we are committed to our London listing."