SUNNYVALE (California): Yahoo! Inc has cashed out of its investment in China’s leading e-commerce site, Alibaba.com.
The sale, announced on Monday, is expected to generate a pretax windfall of about US$150mil (RM540mil) for Sunnyvale, California-based Yahoo!. The Internet company had owned a 1% stake in Alibaba.com.
Yahoo! invested about US$100mil (RM360mil at today’s exchange rate) in Alibaba.com as part of an initial public offering completed in November 2007. The shares have soared since then, and Yahoo! decided it was time to capitalise on the run-up.
Yahoo! still holds a roughly 40% stake in Alibaba.com’s owner, the Alibaba Group.
In a statement, the US company indicated that it intended to hold on to its investment in the Alibaba Group, calling it an “important long-term way to participate in the China market.” — AP
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