SoftBank sells Alibaba shares for the first time

Q.  Transaction marks the first sale of Alibaba Shares by largest shareholder who is ___________ on June 1st 2016
- Published on 02 Jun 16

a. SoftBank
b. World Bank
c. IDBI
d. FCI

ANSWER: SoftBank
 
The transaction marks the first sale of Alibaba shares by its largest shareholder since SoftBank began investing in the company in 2000. Japanese telecommunications and internet firm SoftBank Group Corp said it will sell at least $7.9 billion of shares in Chinese e-commerce company Alibaba Group Holding Ltd in order to raise funds to reduce its debt.
  • The transaction marks the first sale of Alibaba shares by its largest shareholder since SoftBank began investing in the company in 2000.
  • SoftBank’s Alibaba stake will fall to about 28 per cent of the Chinese firm from 32.2 per cent in March.
  • Both companies said they would maintain a strategic partnership. SoftBank Chairman and Chief Executive Masayoshi Son will remain a director at Alibaba, while Alibaba Executive Chairman Jack Ma will remain on the board of SoftBank.

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