MARKETS & INVESTING | Tony Chua, Singapore

Singapore Exchange welcomes Prudential

Prudential enters as a major player in banking, financial services, and insurance sector with $27.38bln capitalisation.

Singapore Exchange (SGX) announced Tuesday Prudential plc has commenced trading on its Mainboard, under the ticker symbol <“Pru500”>, according to a SGX report.

With a total of 489,000 shares traded on its debut in Singapore, Prudential saw its highest traded price at US$7.72 and closing price at US$7.41.

"We warmly welcome Prudential plc, one of the world's leading financial services groups, to the SGX family. As a well-supported Asian exchange, SGX is pleased to play a strategic role in enlarging Prudential's profiling and growth in Asia. Our marketplace has shown great interest in this stock and I am positive that Prudential's listing will continue to add vibrancy to our stock market," said Mr Magnus Böcker, CEO of SGX.

Prudential is a well-known brand in Singapore and Asia. With a market capitalisation of US$19.3 billion (S$27.38 billion) as at 25 May 2010, Prudential plc joins SGX as one of the largest companies in the banking, financial services, and insurance sector. The listing of Prudential adds to the total of 35 companies in this sector. It also brings the total number of listings to-date on SGX to 762.

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