A view of Yahoo! corporate headquarters in Sunnyvale, California. The US internet giant Yahoo! is seeking to sell up to 150 million dollars worth of shares in Alibaba.com, Dow Joes Newswires reported Monday.
US Internet company Yahoo! announced on Monday that it has sold its one percent stake in Hong Kong-listed e-commerce company Alibaba.com.
"Yahoo! Inc has sold all of its approximate one percent direct stake in Alibaba.com," Yahoo! said in a statement.
The Sunnyvale, California-based company did not reveal the exact number of shares being sold or the sale price.
But the Dow Jones Newswire valued the transaction at around 150 million dollars.
It said Yahoo! sold 57.48 million shares for 19.80-20.30 Hong Kong dollars (2.54-2.60 dollars) each, representing a discount of 4.0 to 6.4 percent on Alibaba.com's closing price of 21.15 Hong Kong dollars on Monday.
Yahoo! invested some 100 million dollars in Alibaba.com in connection with the company?s initial public offering in November 2007.
Yahoo! said it will continue to maintain a 40 percent interest in Alibaba Group, which owns about 70 percent of Alibaba.com, giving Yahoo! a 28 percent indirect interest in Alibaba.com.
Yahoo! said it had sold its direct stake in Alibaba.com because the value of its investment had "increased substantially" since the IPO.
The company added that it "believes that its investment in Alibaba Group is an important long-term way to participate in the China market."
John Spelich, Hong Kong-based vice president for international corporate affairs at Alibaba Group, said they welcomed the share sale.
"We are pleased to learn of the Yahoo! decision because having broader ownership of Alibaba.com with increased liquidity and support among institutional investors is what Alibaba.com hoped to achieve," he said in a statement sent to AFP.
© 2009 by soft2web
US Internet company Yahoo! announced on Monday that it has sold its one percent stake in Hong Kong-listed e-commerce company Alibaba.com.
"Yahoo! Inc has sold all of its approximate one percent direct stake in Alibaba.com," Yahoo! said in a statement.
The Sunnyvale, California-based company did not reveal the exact number of shares being sold or the sale price.
But the Dow Jones Newswire valued the transaction at around 150 million dollars.
It said Yahoo! sold 57.48 million shares for 19.80-20.30 Hong Kong dollars (2.54-2.60 dollars) each, representing a discount of 4.0 to 6.4 percent on Alibaba.com's closing price of 21.15 Hong Kong dollars on Monday.
Yahoo! invested some 100 million dollars in Alibaba.com in connection with the company?s initial public offering in November 2007.
Yahoo! said it will continue to maintain a 40 percent interest in Alibaba Group, which owns about 70 percent of Alibaba.com, giving Yahoo! a 28 percent indirect interest in Alibaba.com.
Yahoo! said it had sold its direct stake in Alibaba.com because the value of its investment had "increased substantially" since the IPO.
The company added that it "believes that its investment in Alibaba Group is an important long-term way to participate in the China market."
John Spelich, Hong Kong-based vice president for international corporate affairs at Alibaba Group, said they welcomed the share sale.
"We are pleased to learn of the Yahoo! decision because having broader ownership of Alibaba.com with increased liquidity and support among institutional investors is what Alibaba.com hoped to achieve," he said in a statement sent to AFP.
© 2009 by soft2web
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