Prudential plans $700m Malaysia IPO
UK-based life insurer Prudential has filed for a potential listing of its Malaysian unit as the insurer explores options to reduce its stake in the business, Bloomberg News reported citing “people with knowledge of the matter.”
Prudential submitted an application for an initial public offering of its local subsidiary with the Malaysian securities regulator in May, according to the people. A share sale could raise about $700 million, one of the people reportedly said, according to Bloomberg News.
Prudential hasn’t decided whether to proceed with the listing, and it’s still considering other alternatives like finding a buyer for a minority stake in the business, the people said.
Malaysia’s central bank has been urging foreign insurers to reduce their holdings in local firms to no more than 70 percent as it more strictly enforces ownership limits. The regulator earlier gave overseas firms until June 30 to cut their holdings, people familiar with the matter said last year. Singapore’s Great Eastern Holdings and Japan’s Tokio Marine Holdings were also among those weighing deals to reduce local stakes, the people said.
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