Softbank sells more Alibaba shares to GIC, Temasek

The Dollar Business Bureau

As a part of the $8.9 billion sale in SoftBank group, which is Alibaba’s major stakeholder, Singapore state funds purchased $1 billion shares in Alibaba Group Holding.

State investor Temasek Holdings and Singapore sovereign wealth fund GIC Pte Ltd each bought $500 million of Alibaba shares.

Revealing the details of the deal, Chinese e-commerce firm Alibaba stated that the two firms purchased shares at $74.00 apiece via subsidiaries in Japan’s telecommunications firm SoftBank’s sale.

GIC and Temasek, which is also an existing investor at Alibaba, confirmed the deal but refused to comment further.

In a move that can serve as an addition to the earnings, Alibaba purchased $2 billion of its own stock, said Joe Tsai, Executive Vice Chairman at Alibaba.

Members from Alibaba Partnership of founders and senior executives also purchased $400 million shares at $74 per share.

Meanwhile, Softbank also offered $5.5 billion as debt securities, which can be exchanged for Alibaba’s shares within 3 years.

While mulling to sell a minimum of $7.9 billion of shares in Alibaba to cut the debt, SoftBank stated that it will still stand as Alibaba’s biggest shareholder, post sale.