Sina Corp (SINA) Board Approves Weibo Share Distribution
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SINA Corporation (Nasdaq: SINA) announced that its board of directors has authorized and approved the Company's distribution of shares of Weibo Corporation (Nasdaq: WB) to the Company's shareholders on a pro rata basis. Weibo is a majority-owned subsidiary of SINA, and its ADSs are currently traded on the NASDAQ Global Select Market.
SINA will distribute one Weibo Class A ordinary share to the holder of each ten SINA ordinary shares. Holders of SINA ordinary shares that are settled through DTC will receive Class A ordinary shares represented by Weibo ADSs.
The Weibo share distribution will be payable on or about October 12, 2016, to shareholders of record as of the close of business on September 12, 2016. Following the distribution of the Weibo shares, SINA's equity stake in Weibo will decrease from approximately 54% (or approximately 78% by voting power) currently to approximately 51% (or approximately 75% by voting power).
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