No divestment in Portugal foreseen, Fosun chairman says

 

Fosun chairman Guo Guangchang says “no divestment is foreseen in Portugal”, where the company owns multiple assets, including in banking and insurance.

Fosun holds almost 30% of the largest private bank in Portugal, BCP, 85% of Fidelidade’s capital and, through this insurance company, owns the Luz Saúde health group.

The insurer was the first asset it purchased, in 2014, in a shared capital with Caixa Geral de Depósitos, holding a 15% stake. Fosun also has around 5% of REN, whose biggest shareholder is China State Grid.

Fosun´s Fidelidade aiming to boost presence in health in Portugal with bid for Lusíadas group

Fosun has been under scrutiny, with reported liquidity problems and in the management of debts worth USD 40 billion, but in a written interview to Expresso chairman Guo Guangchang categorically refuses to sell any stake in Portugal

“None of our investments in Portugal are being considered for sale, given its potential to generate value and the country’s relevance to Fosun’s international strategy”, Guo  says.

Fosun’s insists on the solidity of the company’s financial situation, pointing to the group’s “diversified business portfolio”.

Fosun´s Fidelidade buys 70% of Mozambican insurance company SIM

Guo, known as the ‘Chinese Warren Buffett’, holds 85.29% of the capital of Fosun.

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