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Jan. 15 (NBD) -- New York-based management investment company Altaba Inc. has begun selling its remaining holdings of tech giant Alibaba's American Depositary Shares (ADSs), expecting to complete the sale in the coming days, according to a filing with the U.S. Securities and Exchange Commission. 

The investment company offloaded 1 million Alibaba shares at an average price of 229 U.S. dollars per ADS on Monday, receiving total proceeds of 229 million U.S. dollars. Altaba had 5 million Alibaba ADSs left in hand as of September 30, 2019, with 278,315,416 shares being sold in the first nine months of last year, shows another regulatory filing. 

Alibaba's shares closed 1.73 percent down at 226.49 U.S. dollars on Tuesday (January 14).

Altaba's continual sale of equity interest in the e-commerce giant is part of its plan of complete liquidation announced in April 2019, which is aimed at delivering the most value to its own investors by liquidating and distributing its assets to shareholders. 

Altaba is the Yahoo spin-out that was created to hold Yahoo's considerable stake in Alibaba and Yahoo Japan. Yahoo was once the largest shareholder of Alibaba.  

Email: gaohan@nbd.com.cn