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 final discount of 3.8% versus Thursday’s close of NT$19.80.

Taiwanese financial stocks have had a good run this year as the sector is benefiting from the closer ties between Taiwan and...

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