Chinese conglomerate Fosun International Ltd will completely exit its stake in four separate firms for a combined 6.7 billion yuan ($974.74 million) to prop up its general working capital, the debt-laden company said on Thursday. Fosun held 25.7 per cent in Tianjin Jianlong Iron & Steel Industrial and 26.
Chinese conglomerate Fosun International Ltd will completely exit its stake in four separate firms for a combined 6.7 billion yuan to prop up its general working capital, the debt-laden company said on Thursday.
Fosun, which owns resorts brand Club Med among other assets, is among a handful of Chinese conglomerates which had rapidly expanded their business empires at home and overseas in the past decade mainly via debt-fuelled acquisition of assets ranging from luxury hotels and retail brands to soccer clubs.
The share sale"will enable the group to focus more resources on key development strategies and key projects...," Fosun said in a filing.
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