Pru to Take Stake in Korean Firm.(Prudential Insurance Company invests in South Korean company)(Brief Article)

Best's Review, September, 2000

Prudential Insurance Company of America has agreed to invest up to $500 million in a South Korean mutual fund and securities company, broadening its operations in a country where it already has a well-established life insurance subsidiary.

Prudential said it initially would invest $100 million in CJ Investment Trust & Securities Co. in the form of preferred stock and convertible debentures. The companies said the arrangement would eventually lead to "joint management" of the Korean concern.

Prudential Life Insurance Co. of Korea Ltd., in business for 11 years, has 170,000 policies in force with a face value of about 16 trillion won (about $14.35 billion), said Mike Hanretta, a spokesman for the insurer.