One of Portugal’s leading names in insurance, Fidelidade, has decided to suspend the plan to float Luz Saúde, which operates a network of healthcare units, on the stock exchange due to the “instability” of the markets – considering that the conditions for “a correct valuation have not been met.
In a statement, the majority Chinese owned insurance company said that “despite the high level of interest from investors, Fidelidade and Luz Saúde have decided not to go ahead with the Luz Saúde stock placement operation,” announced on April 10.
“The decision was taken after careful assessment of market conditions, characterised by recent instability in the capital markets, aggravated by tensions in the Middle East.
Market volatility has reached high levels, and the main global stock market indices have systematically depreciated in recent days.
In this context, the market conditions that would allow the asset to be correctly valued have not been met,” the statement continues. Luz Saúde is also majority Chinese owned.
