Chinese e-commerce giant Alibaba Group announced on Monday that it is to take majority control of its films unit Alibaba Pictures in a $160 (HK$1.25 billion) deal.
The companies said that Alibaba will increase its stake in Hong Kong- and Singapore-listed Alibaba Pictures, through a share subscription, will will lift the parent company’s stake from 49 per cent to 51 per cent, and making Alibaba Pictures a full subsidiary, instead of an associate from March next year.
Alibaba Pictures has businesses which stretch from film investment and production, through a major online ticketing business, through . . .
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