LONDON - Prudential (LON:PRU) plc, the life insurance and financial services company, has finalized its share repurchase program, which was initially announced on November 22, 2024. The program, aimed at neutralizing the share issuance connected to the company's Scrip dividend and Employee share scheme for the year, commenced on Monday of last week and has been successfully completed as of today.
The company has repurchased a total of 2,814,023 ordinary shares at a volume-weighted average price of 648.2889 pence per share. The total expenditure for this buyback amounted to approximately £18.2 million.
Prudential plc, with its primary listings on both the Stock Exchange of Hong Kong and the London Stock Exchange (LON:LSEG), operates across 24 markets in Asia and Africa, offering life and health insurance as well as asset management services. The company emphasizes its commitment to being a trusted partner by providing financial and health solutions that are both simple and accessible.
The completed share repurchase program is a financial maneuver to manage the company's capital effectively. By buying back shares, Prudential aims to offset the dilutive effect of its Scrip dividend and Employee share scheme, which can potentially increase the number of shares in circulation and dilute the value for existing shareholders.
The company's shares are also traded on the Singapore Stock Exchange and the New York Stock Exchange in the form of American Depositary Receipts. Prudential plc is a component of the Hang Seng Composite Index and participates in the Shenzhen-Hong Kong Stock Connect and the Shanghai-Hong Kong Stock Connect programs.
It is important to note that Prudential plc is not associated with Prudential Financial (NYSE:PRU), Inc., a company based in the United States, or The Prudential Assurance Company Limited, a subsidiary of M&G plc in the United Kingdom (TADAWUL:4280).
This news about the share repurchase program is based on a press release statement provided by Prudential plc.
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