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IC (File photo) / A view of the headquarters building of Fosun International in Shanghai, December 11, 2015
Chinese company Fosun announced yesterday that it had spent nearly EUR 174.6 million becoming BCP’s largest shareholder with 16.7 percent of capital, an operation that aims to strengthen its business presence in Europe and Africa.
“Under the terms of the agreement, Chiado [a Chinese group company] agreed to subscribe 157,437,395 shares at a subscription price of EUR 1.1089 per share to be issued by BCP through a placement reserved for Chiado, equivalent to approximately 16.67 percent of the share capital of BCP (…) The total amount of the transaction is 174,582,327.32 euros,” the company said in a statement posted on its website.
In the statement, the company announced that Chiado would undertake not to sell the shares granted under the capital increase for three years.
Regarding the main benefits of the Chinese BCP buy-in, Fosun highlighted BCP’s “strong business presence” in Europe and Africa, notably in Angola and Mozambique.
“The Group intends to apply its investment and other resources to help the bank further improve the global financial business related to the Greater China region and also improve the bank’s profitability,” it said in the statement.
Fosun also expects the deal signed with the Portuguese bank to “strengthen the international capacity” of Chinese financial services in international commercial banking, investment banking and private banking services.
“It is expected that the transaction will further strengthen the Group’s presence in the financial sector of the Portuguese market,” concludes Fosun.
The Fosun group BCP stakeholding was also yesterday the subject of a statement from the bank to the Portuguese Securities Market Commission (CMVM). The bank’s AGM, originally scheduled for Monday, will now be postponed to 19 December.
Millennium bim, which has an average 30 percent share of the Mozambican market, is 67-percent owned by Millennium bcp, while the government of Mozambique has a 30 percent stake.
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