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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Fosun International to list Club Med unit in Hong Kong

The company plans to raise up to US$700m.

Reuters reports that Fosun International is planning to list in Hong Kong its holiday business, Club Med, as it seeks to raise between US$500m to US$700m in an IPO later this year.

Club Med now operates in more than 40 countries and has resorts in more than 26 countries and regions.

Tourism constitutes a key growth driver for Fosun who won control of Club Med in 2015 for US$939m after a drawn-out takeover saga that lasted almost two years.

The IPO proceeds will be used to expand the existing business, acquire rights to additional land, fund potential investments and repay outstanding bank loans, the group said in the draft prospectus posted on the HKEX website.

Here’s more from Reuters:

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