Prudential gets Hong Kong OK, seeks Singapore listing

British insurer Prudential Plc is considering a secondary listing on the Singapore Stock Exchange, as part of a wider plan to lure Asian investors to its massive $21bn rights offer, sources said on Thursday.

Prudential's Singapore listing news comes on top of its proposed Hong Kong listing plans. The Hong Kong exchange has granted approval to Pru's listing, one source with direct knowledge of the matter told Reuters. A spokesman for Prudential declined to comment. Pru's Hong Kong listing is a key step in the process for its $35.5bn purchase of American International Group Inc's life insurance group, AIA. Pru does not plan to raise capital through any of its Asian listings, but that would bring the company closer to its customers and shareholders. Singapore's biggest sovereign fund GIC is among the large institutions that have committed to underwrite Pru's $21bn rights offer, which would be partly used to fund the AIA acquisition. GIC currently owns a 0.5 per cent stake in Pru. Pru is betting big time on Asian growth by its planned acquisition of AIA, which is the biggest ever insurance deal. Prudential has said it is seeking a primary listing in Hong Kong to attract Asian investors to the rights offer.