Bloomberg: Fosun Considering Selling Antwerp Diamond Company IGI

Finance and TradeWorld News

The Chinese conglomerate Fosun, best known as being the largest shareholder of insurer Ageas, is considering selling its majority stake in International Gemological Institute (IGI). The deal could value the Antwerp-based diamond evaluator at around 200 million euros, the Bloomberg news agency learned from sources close to the file.
In October, Fosun announced that it plans to sell up to $11 billion in assets to improve its liquidity position. In addition, Fosun would now, together with Deutsche Bank, evaluate the possibility of selling its 80 percent stake in IGI.

That evaluation is just underway and Fosun could also decide to keep the stake, according to Bloomberg.

Fosun is one of China's largest non-state investment companies. It is also Ageas's largest shareholder, with a 10 percent stake.

Founded in 1975, IGI is one of two main institutions that rate the quality of diamonds and other jewelry based on color, clarity, cut and weight. The company claims to have twenty laboratories worldwide. The remaining 20 percent of the shares are owned by the Lorie family, who founded IGI.

 

Source: Fosum | Bloomberg Belga
Photo Credit: AC Remont