TMCnet News
Alibaba To Invest RMB2.81 Bln In Shiji Information For 15% Stake(dpa-AFX International Compact Via Acquire Media NewsEdge) BEIJING (dpa-AFX) - Alibaba Group (BABA) said Taobao (China) Software Co., Ltd., its subsidiary, has agreed to invest 2.81 billion yuan in Beijing Shiji Information Technology Co. Ltd or Shiji Information, a China-based hotel information technology provider, in return for a 15 percent stake. After completion of the transaction, Alibaba Group will have one board seat on the board of directors of Shiji Information. As part of the strategic investment, Alibaba Group and Shiji Information will work together to connect the systems of Taobao Travel vertical with Shiji Information's systems, to continue to strengthen Alibaba Group's service capability in the online travel market. Taobao Travel is a vertical within Taobao Marketplace that enables consumers to book air and train tickets, hotels, vacation packages, excursions, and travel visa services;. Shiji Information is primarily engaged in the development and sale of hotel information management system software, system integration and technical service. Copyright RTT News/dpa-AFX |