Alibaba to buy back USD 500 million in shares

New Delhi : Chinese e-commerce company Alibaba Group Holding Ltd has said that the company’s chairman Jack Ma and vice chairman Joe Tsai have agreed to buy back a combined USD 500 million in company shares.

The move is part of a USD 4 billion stock repurchase scheme announced by the e-commerce giant in August last year, Reuters reported.

The company’s spokesperson confirmed the news but refused to give further details.

By repurchasing shares Alibaba aims at offsetting the impact of its share-based compensation programmes. (ANI)