Chinese Conglomerate Suning.com Says Shareholders Will Sell Stake in Retailer
- Stake of 20% to 25% in retailer to be sold to unnamed buyers
- Move comes as parent Suning Appliance faces liquidity pressure
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Suning.com Co. said shareholders plan to sell a 20% to 25% stake in the retailer to unidentified buyers, in the latest sign that parent Suning Appliance Group Co. is working through liquidity issues.
The unit of the Chinese retail and e-commerce conglomerate didn’t give a price, but a 25% stake would be valued at as much as 16 billion yuan ($2.5 billion), based on Suning.com’s latest stock price. Suning.com said the shares would be sold to buyers in sectors including infrastructure, according to a statement to the Shenzhen stock exchange.