SHANGHAI (Reuters) - Alibaba (N:BABA) Group Holding and its Chairman Jack Ma and Vice Chairman Joe Tsai have taken part in a share buyback worth a combined $500 million as part of a $4 billion stock repurchase scheme announced in August, the company said on Monday.
The buyback has come as the e-commerce group's shares languish a dollar or so off their IPO price of $68 and as it struggles with slowing growth and a worsening outlook for the Chinese economy.
Sina News reported that Ma and Tsai had signed an agreement to use their private funds to purchase shares worth $500 million.
An Alibaba spokesman confirmed that the two executives were taking part along with the company itself, but declined to elaborate on the amounts being purchased by each party.
The $4 billion repurchase programme announced in August was slated to take place over two years and was aimed at offsetting the impact of Alibaba's share-based compensation programmes.
(Recasts to show Ma, Tsai and the company taking part in buyback.)