Singapore Buys $1 Billion in Alibaba Stock in SoftBank Sale

Singapore sovereign wealth funds bought $1 billion of Chinese e-commerce company Alibaba Group Holding Ltd’s shares as part of an $8.9 billion sale by Japan’s SoftBank Group Corp, Alibaba’s biggest shareholder, the company said on Wednesday. Singapore’s GIC Private, Ltd and Temasek Holdings each purchased $500 million of Alibaba shares at $74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday. Alibaba purchased $2 billion of its own stock at the same price, in a move which would add to earnings, Executive Vice Chairman Joe Tsai told analysts on a call.