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BABA-W (09988.HK) Sells Entire Stake in Intime w/ Expected Loss RMB9.3B
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BABA-W (09988.HK) announced that it, together with another minority shareholder, has agreed to sell 100% of the equity interest in Intime to a consortium of purchasers comprising Youngor Group and members of Intime’s management team. Intime is one of the leading department store operators in China. Alibaba currently holds approximately 99% of the equity interest in Intime. The expected gross proceeds to Alibaba from the Intime sale is around RMB7.4 billion, and Alibaba expects to record losses of around RMB9.3 billion as a result of the sale of Intime. The completion of the Intime sale is subject to PRC merger control clearance and other customary closing conditions. AAStocks Financial News |
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