Alibaba Group Ups BuyBack Program to $25 Billion
Posted on 03/22/2022
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988) announced that the company’s board has authorized to upsize its share repurchase program to US$ 25 billion from US$ 15 billion (the Share Repurchase Program), in a sign of confidence about the company’s continued growth in the future. Alibaba had accumulated US$ 46 billion in cash as of the latest quarter.
Alibaba Group announced that Weijian Shan, executive chairman of investment group PAG, was appointed as an independent director to the firm’s board. Shan’s appointment as an independent director will be effective March 31, 2022, and he will serve on the board’s audit committee.
The Share Repurchase Program will be effective for a two-year period through March 2024.
As of March 18, 2022, the Alibaba Group had purchased a total of 56.2 million American depositary shares under the previously announced share repurchase program, for a total consideration of approximately US$ 9.2 billion.
Börje Ekholm, President and Chief Executive Officer of the Ericsson Group, will retire from the Company’s board on March 31, 2022. Ekholm has served as an independent director on the Company’s board since June 2015.