Fosun chairman Guo Guangchang, known as China’s Warren Buffett, has announced that “no divestment is foreseen in Portugal”, where the company owns multiple assets in banking and insurance.
Fosun holds almost 30 per cent of the largest private bank in Portugal, BCP, 85 per cent of Fidelidade’s capital and via this insurance company, all of the Luz Saúde health group.
The insurer was the first asset it purchased, in 2014, in a shared capital deal with Caixa Geral de Depósitos, holding a 15 per cent stake.
Fosun also has around 5 per cent of REN, whose biggest shareholder is China State Grid.
Fosun has come under scrutiny, with reported liquidity problems and debts estimated at US$40 billion, but in a written statement Guo Guangchang categorically refused to sell any assets 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 said.
Guo, who holds 85.29 per cent of Fosun’s capital, insisted on the solidity of the company’s financial situation, pointing to the group’s “diversified business portfolio”, CLBrief reported.
