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  1. Singapore wealth funds buys $1 billion in Alibaba stock in SoftBank sale

Singapore wealth funds buys $1 billion in Alibaba stock in SoftBank sale

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.

By: | Published: June 2, 2016 8:51 AM
Singapore wealth funds, Soft Bank, Temasek Holdings, GIC Private Singapore sovereign wealth funds bought billion of Chinese e-commerce company Alibaba Group Holding Ltd’s shares as part of an .9 billion sale by Japan’s SoftBank Group Corp, Alibaba’s biggest shareholder, the company said on Wednesday. (Reuters)

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.

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