Prudential Financial Exits Investment in South Africa's Alexforbes

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Prudential Financial's (PRU) New Veld unit has agreed to exit its 34.39% shareholding in Alexforbes via two separate transactions, according to a Friday filing by the South African retirement fund operator.

New Veld agreed to sell 372.8 million shares, representing a 28.69% stake in the company, back to Alexforbes at 6.75 South African rand ($0.42) apiece, a 3.4% discount to Alexforbes' 30-business-day volume-weighted average price, the filing showed.

The transaction is subject to approval from Alexforbes shareholders and regulators, the filing said.

The unit also reached a separate agreement to sell its remaining 74.1 million shares, or 5.7% stake, in Alexforbes to ARC AF Holdings, according to the filing. The purchase price was not disclosed.

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The purchase price was not disclosed.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PFH","symbol_name":"Prudential Financial Inc","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2668947066","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2668947066","pubTimestamp":1789728065,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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