Ping An sticks on 5% Fortis stake

Chinese insurance company Ping An has no plans in the short term to increase its stake in Fortis from 5% to 7%, BNR radio reports company president Louis Cheung as saying.

Ping An said earlier it would expand its stake in Fortis but has now made a ‘paper loss’ on its investment because of the decline in Fortis’ share price, BNR says.

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