Alibaba shareholders approve privatisation

Buying back remaining shares

Chinese e-commerce firm Alibaba’s parent company has won shareholder approval for its USD2.3 billion bid to buy back the remaining shares that it does not already own. Alibaba Group Holding now has the green light to purchase 27% of the company at KHD13.5 (USD1.73) per share, roughly level with the firm’s IPO pricing. Alibaba says that privatising the company will mean that it can successfully re-structure the firm without shareholder intervention.

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