Prudential to speed up Hong Kong listing

PRUDENTIAL has said it will accelerate plans to list its shares in Hong Kong to allow Asian investors to take part in its $21 (£13.8bn) rights issue to help fund the acquisition of AIG Asia.

The company wants to achieve the dual listing in London and Hong Kong to be triggered before the rights issue.

The move means Asian investors who buy Hong Kong listed shares in the Prudential will be able to join in the in issue which will help bankroll its £35.5bn acquisition of AIG Asia.

It comes as the Prudential tries to convince investors that the AIG deal is good for the company.

Prudential said in a statement: “Prudential is pleased to announce that it is able to accelerate its plans for seeking a listing of its ordinary shares on the Hong Kong Stock Exchange.

“Prudential has made an application to the Hong Kong Stock Exchange for the listing of, and permission to deal in, its shares and it is now aiming to have the listing effective prior to launch of the rights issue announced on 1 March 2010.”