[ET Net News Agency, 21 September 2017] Alibaba Pictures (01060) said it agreed to sell
about 32.2% equity interests in Wormhole Technology (Singapore) Private Limited for
US$6.02 million and, if applicable, about 2.8% additional stake in Wormhole for
US$525,000.
The purchasers are UCWeb Singapore Pte. Ltd., an indirect wholly-owned subsidiary of
Alibaba Group Holding Limited, and Alipay Singapore Holding Pte. Ltd., an indirect
wholly-owned subsidiary of Ant Small and Micro Financial Services Group Co., Ltd.
Wormhole SG, a company incorporated in Singapore in October 2016, is principally engaged
in business and management consultancy services. Wormhole SG currently holds 75% of Orbgen
Technologies which owns and operates an online movie tickets booking platform - TicketNew
in India.
Alibaba Pictures, UCWeb SG and Alipay SG agreed that Wormhole SG shall carry on the
business of making investments in and holding the equity interests of and providing
services to Orbgen Technologies or other companies as may from time to time be agreed by
the shareholders of Wormhole SG and such other businesses as may from time to time be
agreed by the board of directors of Wormhole SG.
The estimated net proceeds of about US$6.5 million from the disposal will be used
towards general working capital of the Group. (HL)