Fosun sells gem firms for US$455m

Fosun International (0656) offloaded its three diamond grading companies for US$455.38 million (HK$3.55 billion) to Blackstone, one more disposal from the embattled Chinese conglomerate.

Alpha Yu, one of Fosun's subsidiaries, sold 80 percent of the entire issued share capital in each of IGI Belgium, IGC Netherlands and IGI India.

The remaining 20 percent of holdings were sold by Lorie Holdings for US$113.85 million as well.

The buyer, BCP Asia II, fully held by US private equity investment firm Blackstone, will become the new owner of the three diamond certification and consulting companies.

Fosun's other subsidiary, Yuyuan, will use the proceeds for daily operations.

Fosun said the disposal will enable the company and Yuyuan to concentrate more on key development strategies and important projects and create value for shareholders.