Friday, February 3, 2017

Fosun strengthens position in BCP for almost 24% – Jornal de Negócios – Portugal

The chinese group Fosun was left with almost 24% of the BCP in the following the capital increase of the bank, in the amount of 1.330 million, completed this Friday, February 3, knows the Business.

Among the shareholders of reference, the group Guo Guangchang was the one who took the operation to strengthen its position as shareholder, as the remaining qualified investors, Sonangol and EDP, have held the shares earlier, 14.9% and 2.1%, respectively. The same happened with the southern inter-oceanic, who participated in the offer, maintaining a position of 1.7% in the capital.

The fact that the shareholders of reference to have accompanied the operation, the foreign institutional investors have reinforced their weight in the BCP, and more than half of the shareholders of retail have participated in the offer prevented the Fosun have stayed with the 30% of the bank which is admitted to reach in the framework of this capital increase.

The chinese group had given an order, the irrevocable subscription of a number of actions which, being realized, would allow Fosun to pass control 30% of the bank. Similar to what happens with the contracts of underwriting, this order would only be triggered if there was enough demand for all the new shares to be issued by BCP.

however, as the demand of the operation surpassed it in almost 23% the number of titles available, the Fosun turned out to be not obliged to perform that order irrevocable. On the other hand, it was also not necessary to trigger the underwriting contracted to a syndicate of five international banks.

Although unable to stay with 30% of BCP’s capital increase, the group Guo Guangchang is compromised by the investment agreement concluded with the bank in November to achieve that level of participation, in the long term.

With nearly 24% that it already holds, Fosun started to have the right to appoint three more elements to the board of directors of BCP, in addition to the two directors already co-opted and await the green light from the European Central Bank to take on roles, João Nuno Palma, and Lingjiang Xu.

(News updated at 17:39)


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