Reported 4 days ago
Alibaba Group has agreed to sell its 78.7% stake in Sun Art Retail Group to Paragon Shine for $1.58 billion. This divestiture, which marks Alibaba's exit from the hypermarket operator it had invested in heavily in 2020, aims to refocus its resources on core e-commerce operations amid shifting retail dynamics. The capital gained from this transaction will be redirected towards strategic initiatives and enhancing shareholder value.
Source: YAHOO