by: Jessica Ferreira
Portuguese insurance company Fidelidade, owned by China´s Fosun, suspended plans to place Luz Saúde, which operates a network of healthcare units, on the stock exchange due to the instability of the markets.
According to the insurance company, despite the high level of interest from investors, Fidelidade and Luz Saúde decided not to go ahead with the Luz Saúde stock placement operation, because conditions for a correct valuation were not met.
The decision was taken after careful assessment of market conditions, characterized by recent instability in the capital markets, aggravated by tensions in the Middle East.
Fosun’s Portugal Hospital Company IPO to Raise EUR 100 million
Market volatility has reached high levels and the main global stock market indices have fallen systematically in recent days, which would not allow for a correct valuation of the asset have not been met, the company said.
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