LONDON - Prudential (LON:PRU) plc (HKEX: 2378; LSE: PRU) has announced the launch of the second tranche of its share buyback program, committing to repurchase $800 million worth of shares. This move comes after the successful completion of the first tranche, which saw the company buy back $700 million in shares on November 15, 2024.
The ongoing share buyback program, totaling $2 billion, aims to reduce the company's issued share capital and return capital to shareholders. The board of directors believes this action aligns with the best interests of both the company and its shareholders.
Prudential has engaged Barclays (LON:BARC) Capital Securities Limited to manage the buyback process, which will begin today and is expected to conclude by June 26, 2025. The maximum pecuniary amount allocated for this tranche is $800 million, excluding associated fees and taxes. This sum represents approximately 3.64% of the company's issued share capital, based on the closing share price as of December 4, 2024.
The repurchase of shares will take place on the London Stock Exchange (LON:LSEG) and other trading venues, but not on the Hong Kong Stock Exchange, nor will it involve the company's American Depositary Receipts. The purchased shares are intended to be canceled.
The second tranche adheres to the shareholder authority granted at Prudential's 2024 Annual General Meeting and will follow the regulatory frameworks established by the Market Abuse Regulation, the UK Listing Rules, and the Hong Kong Listing Rules and Code on Share Buy-backs.
Prudential plc, a life and health insurance and asset management provider, operates in 24 markets across Asia and Africa. It has dual primary listings on the Hong Kong and London Stock Exchanges, with secondary and other listings on the Singapore and New York Stock Exchanges.
The company will announce further developments following any share purchases. However, there is no assurance that the second tranche will be fully executed or that any shares will be acquired.
This news is based on a press release statement from Prudential plc.
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