PRU (02378) invests approximately $375 million to increase its equity stake in PAMB to 70%.

PRU (02378) announced on January 22, 2026, PCHL (an indirect wholly-owned subsidiary of PRU) (as the buyer) and Detik Ria (as the seller) have entered into a share purchase agreement for the purchase of 19% of the issued share capital of SHS, at a total price of 1.52 billion Malaysian Ringgit (approximately 375 million US dollars). Following the completion of the share purchase agreement, it is expected that PCHL (together with PCAIPS, a wholly-owned subsidiary of PCHL, and holding 0.001% of SHS shares) and Detik Ria will hold 70% and 30% of SHS shares respectively. As of the date of this announcement, Detik Ria is a major shareholder of SHS (an indirect subsidiary of PRU), and therefore, under the Hong Kong Listing Rules, Detik Ria is a connected person of PRU at the subsidiary level. As such, this transaction constitutes a connected transaction for PRU. SHS is the holding company of PAMB, and PAMB is PRU's traditional life insurance business in Malaysia. It is expected that entering into the share purchase agreement and completing this transaction will enable PRU to gain greater economic benefits from SHS, while balancing commercial considerations between capital expenditure and increased risks due to the rise in shareholding. Based on the unaudited financial performance of the PRU Group for the six months ended June 30, 2025, this transaction is expected to have a positive impact on the earnings per share (calculated based on adjusted operating profit under IFRS), traditional embedded value, and earnings per share of shareholders' equity under IFRS for the PRU Group. The directors (including independent non-executive directors) have confirmed that the share purchase agreement and the proposed transaction are entered into on normal commercial terms or better, and fall within the ordinary and day-to-day business scope of the PRU Group. The terms of the agreement are fair and reasonable, and are in the overall interest of PRU and its shareholders.