Inter’s parent company Suning is expected to sell 20-25 per cent of its retail company for approximately $2.5 billion.
Reuters report retailer Suning.com confirmed on Thursday that “shareholders plan to sell 20% to 25% of the company to unnamed buyers which might lead to a change in control as its parent seeks to raise cash.
“The company said it was 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 in the firm.
“Suning.com’s other shareholders include e-commerce giant Alibaba Group which bought a 19.99% stake as part of a strategic partnership in 2015.”
Trading of shares were suspended ahead of the announcement, but it is the latest 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 take on the full debt.
Otherwise, the club could 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 two companies face a combined 15.8 billion yuan worth of bonds coming due this year.”