PRUDENTIAL Plc has raised HK$18.8 billion (US$2.4 billion) from its Hong Kong share offering after pricing the stock at a slight discount to its last close in London. The London-based insurer sold 130.8 million shares at HK$143.80 apiece, it said in a statement late Sunday. Prudential plans to use proceeds from the offering to redeem existing high coupon debt, with the balance to contribute to investments in Asia and Africa, where group chief executive Mike Wells has said the company will be “entirely focused on long-term structural growth opportunities.” The price represents a discount of 2.9 percent on the stock’s last close of 13.92 pounds (US$19.03) in London. The firm said in a statement to the Hong Kong stock exchange that dealings in the offer shares would commence Oct. 4, subject to approval. The offering comes just over a week after Prudential completed the demerger of its U.S. unit, Jackson Financial Inc., a move that may accelerate its competition with pan-Asia life insurer rival AIA Group. The insurance conglomerate, already a leading player in Southeast Asian markets except Thailand, will face off more fiercely with AIA in China, which is the world’s most populous nation and has a growing middle-class. The company has been open about its interest in increasing its stake in its China joint venture because of the rapid growth, executive director James Turner said. (SD-Agencies) | 