Enough cash to fund insurance deal: Fosun

[SHANGHAI] Chinese conglomerate Fosun International Ltd reassured investors yesterday that it has enough cash on hand to fund the one billion euro (S$1.7 billion) purchase of the insurance arm of a Portuguese state bank and it will continue to buy foreign assets to expand its overseas reach.

Rating agency Moody's Investors Service has put Fosun's debt under review for a possible downgrade, citing uncertainties over its funding plan for the purchase of the insurance unit of Caixa Geral de Depositos SA which comes after a series of investments last year.

Liang Xinjun, chief executive of Fosun, declined to disclose its funding plan for the deal, but said the company has enough cash on hand to pay for it.