Inter Owners Suning To Strengthen Company Finances By Selling $1.5 Billion In Shares, UK Media Report

Inter Owners Suning To Strengthen Company Finances By Selling $1.5 Billion In Shares, UK Media Report
February 25, 2021 15:00
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Inter’s owners Suning have hatched a plan to raise $1.5 billion to strengthen the company’s finances, according to a report in the UK.

As per the Financial Times, the Nerazzurri’s majority shareholders plan on selling shares in one of their subsidiary companies for the above figure, which is approximately €1.2 billion.

Shares in Suning.com were temporarily suspended on Shenzhen’s stock exchange on Thursday, with chairman Zhang Jindong among a group of shareholders looking to offload up to 25% in the online subsidiary to industrial investors.

The Chinese retail giant, which is part owned by Alibaba, is among a group of expansive Chinese groups coming under intensifying market scrutiny as debts pile up.

Suning have said that selling shares in Suning.com will help improve the company’s equity structure and advance their long-term strategy.

It is currently unclear whether or not this will have an impact on Inter, where Suning have been the majority shareholders since the summer of 2016.

By Cammy Anderson