By Joe Hoppe
Prudential PLC said Monday that it has completed the demerger of Jackson Financial Inc., and that it will sell down its remaining holding within the year.
The insurance-and-investment business said it still has an initial holding of 19.9% in the newly spun-off independent company, which has been listed on the New York Stock Exchange.
Prudential said it intends to sell down this initial holding within 12 months, and that it will eventually own less than 10% of Jackson's total combined voting power. It doesn't intend to retain any seats on Jackson's board.
Qualifying shareholders of Prudential will receive one share in Jackson for every 40 Prudential shares they owned as of Sept. 2.
The move was part of the company's plan to focus on the growth opportunities of Asia and Africa.
"Our businesses in Asia have leadership positions in their chosen segments, and we now operate in eight markets in Africa. We look forward to continuing to serve our customers, and build long term value for shareholders and our other stakeholders through the disciplined execution of our growth strategy," Chief Executive Mike Wells said.
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(END) Dow Jones Newswires