February 5, 2018 / 9:49 AM / in 2 months

Alibaba, another firm to jointly invest $1.24 bln in Wanda Film Holding

BEIJING, Feb 5 (Reuters) - China’s Dalian Wanda Group said on Monday it will sell a combined 12.77 percent stake in Wanda Film Holding Co Ltd to Alibaba Group Holdings Ltd and Cultural Investment Holdings Ltd for a total of 7.8 billion yuan ($1.24 billion).

Alibaba will invest 4.68 billion yuan of the total, Wanda Group said in a statement.

It said it will remain the controlling shareholder of Wanda Film Holding with a 48.09 percent stake in the company. ($1 = 6.2835 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk Editing by Muralikumar Anantharaman)

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