close
This ad will auto close in 10 seconds

Singapore buys $1 billion in Alibaba stock in SoftBank sale

SoftBank also offered $5.5 billion in debt securities, which can be exchanged for Alibaba stock in three years.



Singapore sovereign wealth funds bought $1 billion of Chinese e-commerce company Alibaba Group Holding Ltd`s shares as part of an $8.9 billion sale by Japan`s SoftBank Group Corp , Alibaba`s biggest shareholder, the company said on Wednesday.

Singapore`s GIC Private, Ltd and Temasek Holdings each purchased $500 million of Alibaba shares at $74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday.

Alibaba purchased $2 billion of its own stock at the same price, in a move which would add to earnings, Executive Vice Chairman Joe Tsai told analysts on a call.

Members of the Alibaba Partnership of senior executives and founders purchased another $400 million, as expected, at the $74 per share price, he added.

SoftBank also offered $5.5 billion in debt securities, which can be exchanged for Alibaba stock in three years, Tsai said.

SoftBank Group said on Tuesday it would sell at least $7.9 billion of shares in Alibaba to cut the Japanese company`s debt. It said it would remain Alibaba`s largest shareholder after the sale.

Shares of Alibaba fell about 6.5 percent to close at $76.69.

 

From Zee News

0 Comment - Join the Discussions

trending

photo gallery

video