China-based Fosun on Wednesday more-or-less provided a “vote of confidence” for Folli Follie by increasing its share in the latter, amid an ongoing furor regarding the Greek jewelry and accessory maker’s results.
The NYC-based hedge fund QCM has aggressively and very publicly disputed FF Group’s results, turnover and sales network, a development that, among others, has wiped out roughly half of Folli Follie’s capitalization on the Athens Stock Exchange (ASE) since Friday.
In a statement to the Greek market, FF said that it received notification by Fosun International Ltd. on Wednesday that it was raising its stake in the company from 13.886 percent to 15.007 percent.
Fosun International increased its share in FF through the direct purchase of 750,000 shares, which corrrespond to 1.120 percent of the Greek company’s share capital.
Η Fosun International Ltd. is listed on the Hong Kong Stock Exchange, and is controlled by its primary shareholder, Fosun Holdings Ltd., a subsidiary (100 percent) of Fosun International Holdings Ltd.
The negative “press” generated in the wake of at least two reports by QCM regarding FF also pressured the entire Greek market.
