Company Briefs: Prudential

Prudential has raised HK$18.8 billion (S$3.27 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 last Saturday.

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".

BLOOMBERG

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Polestar

Polestar, the electric carmaker controlled by Volvo Car and its owner Zhejiang Geely Holding Group, has agreed to go public through a merger with blank-cheque company Gores Guggenheim, according to sources.

The deal will bring in about US$800 million (S$1.08 billion) of cash from Gores Guggenheim and US$250 million from institutional investors. The combined company would be valued at about US$20 billion including debt, said one of the sources. Based in Gothenburg, Sweden, Polestar is a rival to Tesla and electric vehicle-maker Lucid Motors.

BLOOMBERG

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HNA Group

Eleven entities belonging to embattled conglomerate HNA Group, including its flagship carrier Hainan Airlines, held a meeting yesterday, according to a document detailing its debt restructuring plan. The entities were reorganised as a group and most of its liabilities were reduced via debt-to-equity swaps and shareholder repayments.

Creditors of the entities have reported that they are owed 397.2 billion yuan (S$83 billion) of unpaid debt. Only 161.29 billion yuan of this has been recognised by the court and will enter the restructuring process.

REUTERS