“I disagree with this completely deregulated economy” – Fernando Couto
Majority share holder of Mozambican Millenium bim bank negotiates sale of stake with Chinese group Fosun
8:44 CAT | 22 Sep 2016
The process of Chinese group Fosun taking a stake in Portuguese bank Banco Comercial Portuguese (BCP) is expected to be completed by the end of September, according to a statement issued by the Portuguese Securities Market Commission (CMVM).
BCP’s board of directors, which met last Wednesday instructed the bank’s executive commission to “deepen the negotiations” with Fosun to set the conditions of entry of the Chinese group in the capital of the financial group.
“BCP’s Board of Directors welcomed the interest shown by Fosun (which in Portugal already owns healthcare company Luz Saude and insurance company Fidelidade) and discussed general lines of what may turn out to be the terms of the investment,” said the statement released by the market regulator.
This information follows the expression of interest by the Fosun Group to acquire 16.7% of the share capital of BCP. This would be achieved through a reserved capital increase in the amount of 236 million euros, which would help improve the bank’s solvency levels.
At the end of July, the Chinese group laid out conditions for investing in BCP including a reverse stock split and places on the board and executive commission, among others.
The major shareholders of BCP are Angolan oil company Sonangol with 17.84%, Banco Sabadell with 5.07%, Energias de Portugal group with 2.71% and the Interoceanico group with 2.05%.
Mozambican bank 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.
Source: Macauhub / Reuters
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