China’s Fosun International sells stake in Belgian insurer Ageas to BNP Paribas to reduce debt, focus on core businesses
The company, one of China’s largest private-sector firms, agreed to sell an 8.2 per cent stake in Ageas for about €670 million (US$714 million)
More divestments to come, analyst says, as conglomerate aims to cut debts by US$1.38 billion annually in the next two to three years
by Daniel Ren
Aims to cut its debts by 10 billion yuan (US$1.38 billion) annually in the next two to three years.
Fosun reduced its interest-bearing debts, such as bank loans and corporate bonds, by 15 billion yuan to 211.9 billion yuan in 2023.
Fosun International posted a net profit of 1.38 billion yuan for 2023, turning around from a net loss of 831.8 million yuan a year earlier. Its revenue grew 8.6 per cent to 198.2 billion yuan.
Source: SCMP
https://www.scmp.com/business/china-bus ... pe=section
