Axa Asia Pacific raises $660 million
Axa Asia Pacific plans to raise up to $660 million in capital following the trend of fellow insurers AMP, Suncorp and IAG.
About 175 million shares will be issued to institutional investors at an 11.5% discount of $2.85, while smaller shareholders will also be invited to participate.
“This capital-raising is part of Axa Asia Pacific’s ongoing capital management program to further strengthen its balance sheet,” the company said in a statement.
The capital-raising is expected to cut Axa’s gearing ratio to 41% and ensure capital requirements remain in excess of the regulatory minimum.
About 175 million shares will be issued to institutional investors at an 11.5% discount of $2.85, while smaller shareholders will also be invited to participate.
“This capital-raising is part of Axa Asia Pacific’s ongoing capital management program to further strengthen its balance sheet,” the company said in a statement.
The capital-raising is expected to cut Axa’s gearing ratio to 41% and ensure capital requirements remain in excess of the regulatory minimum.