Inter’s parent company Suning is predicted to sell 20-25 per cent of its retail company for about $2.5 billion.
Reuters report retailer Suning.com confirmed on Thursday that “shareholders decide to sell 20% to 25% of the corporate to unnamed buyers which could cause a change on top of things as its parent seeks to boost cash.
“The company said it had been notified of the stake sale by its founder Zhang Jindong and its parent Suning Appliance Group, who respectively hold a 20.96% and 19.88% stake within the firm.
“Suning.com’s other shareholders include e-commerce giant Alibaba Group which bought a 19.99% stake as a part of a strategic partnership in 2015.”
Trading of shares were suspended before the announcement, but it’s the newest step in an increasingly desperate bid for Suning to stabilise its finances.
It comes after Chinese reports that their other football club, Jiangsu FC, was available for 1 penny if someone was willing to require on the complete debt.
Otherwise, the club might be liquidated entirely.
Reuters report that a 25 per cent stake in Suning.com would be worth approximately $2.5 billion.
“Concerns over the liquidity situation of Suning.com’s parent company arose last year in local media. Ratings agency China Chengxin International Rating Co. estimates that the 2 companies face a combined 15.8 billion yuan worth of bonds coming due this year.”