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AMP TO DEMERGE INTO UK AND AUSTRALIAN ENTITIES.
SYDNEY, May 1 Asia Pulse - Financial services giant AMP Ltd (ASX:AMP) is preparing to undergo a number of strategic changes including the demerger of its businesses into two separate listed entities after an announcement today.
AMP said it would demerge its business along geographic lines - Australasia and the United Kingdom.
The group plans to reduce the equity market risks in the UK Life Services business through a share purchase plan.
AMP said an equity raising would be undertaken to facilitate the demerger combining a $A1 billion ($US625 million)
institutional placement and a $500 million share purchase plan for Australian and New Zealand retail shareholders.
As part of the demerger, and particularly the reduction of risks in the UK Life Sciences business, book writedowns of about $2.6 billion were expected, AMP said.
These writedown would have no regulatory solvency impact or impact on cashflow, other than expenses of Stg100 million.
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Source: HighBeam Research, AMP TO DEMERGE INTO UK AND AUSTRALIAN ENTITIES.