May 9: The Standard states that Jack Ma is expanding his reach in Pakistan, striking a deal for Chinese e-commerce Alibaba Group Holding to buy the entire share capital of Rocket Internet SE-backed online retailer Daraz. The deal's financial details were not disclosed, but the transaction will see Alibaba take control of an online retailer that sells everything from fashion to electronics. Founded in Pakistan in 2012, Daraz operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said.
The Standard: Alibaba makes Pakistan foray
