(Infocast News) SUNART RETAIL (06808) announced that the board of directors of the Company received an approach letter from a potential offeror who expressed an intention to make a pre-conditional voluntary conditional offer for all the issued shares of, and an option offer to cancel all outstanding share options issued by, the Company, subject to various matters.

Alibaba Group Holding Limited, through its wholly-owned subsidiaries, A-RT Retail Holdings Limited and Taobao China Holding Limited, indirectly holds approximately 73.66% of the issued share capital of the Company, and New Retail Strategic Opportunities Investments 1 Limited, an investment vehicle wholly owned by an investment fund in respect of which Alibaba Group is able to exercise significant influence over its investment decisions, holds approximately 5.04% of the issued share capital of the Company.

As advised by Alibaba Group, discussions between A-RT Retail Holdings Limited, Taobao China Holding Limited and New Retail Strategic Opportunities Investments 1 Limited and the Potential Offeror as to the key terms of the Possible Offer for the purpose of any irrevocable undertaking are ongoing, and Alibaba Group is also in discussions with several other parties.

An application has been made by the Company to the Stock Exchange for the resumption of trading in the Shares from 9:00 a.m. on 16 October 2024. (WL)