Pru unit exits E.Sun through $121 million block

The PCA Life Assurance sell-down is tightly priced but short-covering and a positive view on Taiwanese financial stocks get the deal across the line.

PCA Life Assurance, a subsidiary of UK insurance group Prudential, has sold its remaining 3.4% stake in Taiwan’s E.Sun Financial Holding through a block trade, raising NT$3.57 billion $121 million.

The deal, which launched after the close of Taiwan trading on Thursday, was offered at a pretty tight discount following a bidding process that was said to have involved at least three banks. It priced at the bottom of that range for a...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: placement | block trade | financials | banks | prudential | citi

Print Edition

FinanceAsia Print Edition