Alibaba Pictures seeks US$1.6b for growth
Source: Agencies |
June 5, 2015, Friday
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Print Edition
Print Edition
ALIBABA Pictures, the e-commerce’s film and entertainment unit, yesterday said it plans to raise HK$12.1 billion (US$1.6 billion) through a private placement to tap investment opportunities in the entertainment sector.
It plans to sell about 4.2 billion shares at HK$2.90 apiece to at least six independent institutional or individual investors, a 20 percent discount from its last trading price on Monday, said a stock exchange filing.
The proceeds will be used to replenish its working capital and to finance potential acquisition opportunities in the future.
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