News Life and Health02 Jul 2018

Malaysia:Prudential reportedly files for $700 mln IPO

02 Jul 2018

UK 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, reports Bloomberg quoting people with knowledge of the matter.

The insurer submitted an application for an initial public offering of its wholly owned local subsidiary Prudential Assurance Malaysia with the Malaysian securities regulator in May, according to the people. A share sale could raise about $700 million, one of the people said, asking not to be identified because the information is private.

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% as it more strictly enforces ownership limits.

The regulator earlier gave overseas firms until 30 June 2018 to cut their holdings.

There’s no certainty Prudential’s deliberations will lead to any transaction, according to the people. Prudential could wait until the new central bank governor takes office before deciding whether to proceed, one of the people said.

Ms Nor Shamsiah Mohd Yunus began her five-year term as Bank Negara Malaysia's governor yesterday.

Prudential declined to comment on any IPO plan.


| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.

Other News

Follow Asia Insurance Review