Fidelidade-Companhia de Seguros SA, a Portuguese insurer controlled by China’s Fosun International Ltd., said it’s planning to carry out an initial public offering in 2025.
That share sale would take place after Fidelidade completes a planned IPO of hospital operator Luz Saude SA, which said earlier this month that it plans to list its shares in the Euronext Lisbon exchange. Luz Saude is set to be Portugal’s first IPO in three years.
“In order to meet the expectations repeatedly expressed by our shareholders, we will begin the necessary work to list Fidelidade on the stock market in 2025,” Fidelidade said in a management report published on its website. “It will be a demanding process.”
Fosun, whose businesses span tourism, pharmaceuticals and finance, also holds a 20% stake in Banco Comercial Portugues SA, Portugal’s biggest publicly traded lender. The Chinese company has been carrying out asset sales and in January sold a 5.6% holding in that bank.
Fosun holds an 85% stake in Fidelidade while Portuguese state-owned bank Caixa Geral de Depositos SA owns the remaining 15%
Photograph: The logo of Fosun International is seen at a news conference in Hong Kong, China, on Wednesday, Aug. 29, 2018. Photo credit: Paul Yeung/Bloomberg
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