Chinese e-commerce and technology group Alibaba is divesting its supermarket chain Sun Art as part of its restructuring process. According to the news of the South China Morning Post newspaper, owned by Alibaba, the company reached an agreement to transfer its shares in Sun Art to the Chinese investment company DCP Capital for $ 1.7 billion.
Alibaba, which first started investing in the supermarket chain Sun Art in 2017, bought it from the Mulliez family, which owns the company, for $ 3.6 billion in 2020, after increasing the amount of shares over the years. The decision to acquire Sun Art was made as part of the group’s strategy at the time to combine online and retail shopping channels.
Alibaba, which has been restructuring with the strategy of focusing on technology-related core business lines in the last few years, is moving to divest its assets outside the e-commerce and technology sector.
new structure
Alibaba announced its restructuring plan in March 2023, in which the company was divided into 6 business groups that would operate independently of the parent holding.
The company’s flagship e-commerce platforms Taobao-Tmall, cloud computing services provider Cloud Intelligence, logistics services provider Cainiao Smart Logistics, Global Digital Business, which operates in the field of digital business solutions, Local Services, a local technology services provider, and Digital, which includes media and entertainment industry initiatives. The Media and Entertainment groups were planned to operate as independently managed companies.
It was stated that the new structuring aims for each business group to have an independent presence in the market, to chart its own path in competition and to create its own financial resources, including public offerings.
Source: www.dunya.com
