HONG KONG: China’s Lianhua Supermarket Holdings Co Ltd on Monday said shareholder Shanghai Yiguo E-Commerce Co Ltd would sell an 18 per cent stake in supermarket chain operator to a unit of Alibaba Group Holding Ltd.
Lianhua said Shanghai Yiguo would transfer 201.53 million domestic shares to Alibaba (China) Technology Co Ltd.
It did not provide a value.
Based on Lianhua’s stock price as of Monday afternoon trade, the deal could be worth HK$782 million (£78.21 million), Reuters calculations showed.
Shanghai Yiguo also agreed to sell 22.39 million shares, or about 2 per cent of Lianhua, to Bailian Group Co Ltd, Lianhua said in a filing to the Hong Kong bourse. — Reuters
Oman Observer is now on the WhatsApp channel. Click here
