Chitchat Temasek and GIC hold hands together and go shopping

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An honorable member of the Coffee Shop Has Just Posted the Following:

Temasek, GIC buy US$1 billion in Alibaba stock in SoftBank sale



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

• Posted 02 Jun 2016 07:25
• Updated 02 JuAn employee is seen behind a glass wall with the logo of Alibaba at the company's headquarters on the outskirts of Hangzhou, Zhejiang province, April 23, 2014. REUTERS/Chance Chan/File Photo

BEIJING: Singapore sovereign wealth funds bought US$1 billion of Chinese e-commerce company Alibaba Group Holding Ltd's shares as part of an US$8.9 billion sale by Japan's SoftBank Group Corp , Alibaba's biggest shareholder, the Chinese company said on Wednesday.
Singapore's GIC and Temasek Holdings each purchased US$500 million of Alibaba shares at US$74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday.

Alibaba purchased US$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 US$400 million, as expected, at the US$74 per share price, he added.

SoftBank also offered US$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 US$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 US$76.69.




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