Alibaba Group Holding LTD., in a turn of events, has agreed to buy control of Indonesian e-commerce operator Lazada Group SA ‘for about $1PHP 59INR 85EUR 0.95CNY 7 billion’ in hopes to see growth in the Southeast Asian region.
Bloomberg reports that China’s largest e-commerce operator will pay $500PHP 29,343INR 42,375EUR 476CNY 3,639 million for new shares in Lazada while also purchasing stocks from existing investors.
“With the investment in Lazada, Alibaba gains access to a platform with a large and growing consumer base outside China, a proven management team and a solid foundation,” said Alibaba President Michael Evans.
Rocket Internet’s Lazada is currently selling goods in six Southeast Asian markets including Philippines and with this venture, Alibaba aims to reach different consumers other than China.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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RCB says:
not another Chinese Company… inaagaw na nga WPS pati ba naman Lazada..
anon says:
Alibaba is a chinese company, but it isn’t owned by the chinese government, business is business.
look up Jack Ma, https://www.youtube.com/watch?v=zLZNvCDgfUA CEO of Alibaba
Peejay says:
One would think that they would have thought of buying CD-R King.
vekou says:
No need, they already sell Chinese products. ;P
Easy E says:
Including “the” Philippines. Please don’t forget that. It’s always THE Philippines.
Jaybee says:
Grammar 101. . haha
Raimund says:
Not exactly. Philippines is okay. “the” was used for The Philippine group of islands. You don’t say “including the “. For example, including the Indonesia, etc…
Fox Hunter says:
Does this mean more Meizu phones at Lazada? Alibaba owns a minority stake at Meizu.