US RETAILER walmart has sold its entire stake in Chinese ecommerce JD.com for US$3.6 billion, as the world's largest retailer focuses on expanding its own brands in the country, reports London's Financial Times.
The US giant disclosed in a filing to the US Securities and Exchange Commission that it had completely disposed of its 10 per cent holding in the ecommerce company.
Walmart reported owning 289 million ordinary shares of JD.com as of December 31, equating to 144.5 million of the Chinese company's New York-traded shares. Morgan Stanley brokered the sale of the share block at an 11 per cent discount to JD.com's closing price in New York, or $24.95 per share, bringing in about $3.6 billion for Walmart, according to people familiar with the matter.
JD.com separately said it had spent $390 million repurchasing its own shares. Hong Kong-listed shares of the group fell by as much as 12 per cent in early trading.
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The US giant disclosed in a filing to the US Securities and Exchange Commission that it had completely disposed of its 10 per cent holding in the ecommerce company.
Walmart reported owning 289 million ordinary shares of JD.com as of December 31, equating to 144.5 million of the Chinese company's New York-traded shares. Morgan Stanley brokered the sale of the share block at an 11 per cent discount to JD.com's closing price in New York, or $24.95 per share, bringing in about $3.6 billion for Walmart, according to people familiar with the matter.
JD.com separately said it had spent $390 million repurchasing its own shares. Hong Kong-listed shares of the group fell by as much as 12 per cent in early trading.
SeaNews Turkey