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(Alliance News) - abrdn PLC will return an additional GBP400 million to GBP500 million to shareholders before the end of 2022, with cash raised from selling down holdings in other companies, the Financial Times reported on Friday, citing "people with knowledge of the situation".
The board is discussing the best mechanism for the cash return, and it could be in the form of a special dividend, one person said, according to the newspaper.
https://www.ft.com/content/92aa798d-22b1-43ed-bdd4-46dabe7c8f8c
Last week, abrdn said wholly owned subsidiary abrdn (Mauritius Holdings) 2006 Ltd sold 43.0 million shares in HDFC Life Insurance Co Ltd, representing 2.0% stake, for around GBP262 million.
"The proceeds will further strengthen the company's capital resources, supporting investment in the business and enabling the company to continue to return capital in excess of business needs," abrdn explained at the time.
abrdn is set to be relegated from the FTSE 100 index to the FTSE 250 when the London market reopens on Tuesday, following the quarterly review by index provider FTSE Russell. It has a market capitalisation of GBP3.08 billion.
By Tom Waite; thomaslwaite@alliancenews.com
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