Alibaba, another firm to jointly invest $1.24 billion in Wanda Film Holding

BEIJING (Reuters) - China's Dalian Wanda Group said on Monday it will sell a combined 12.77 percent stake in Wanda Film Holding Co Ltd to Alibaba Group Holdings Ltd and Cultural Investment Holdings Ltd for a total of 7.8 billion yuan ($1.24 billion).

Alibaba will invest 4.68 billion yuan of the total, Wanda Group said in a statement.

It said it will remain the controlling shareholder of Wanda Film Holding with a 48.09 percent stake in the company.

($1 = 6.2835 Chinese yuan renminbi)

(Reporting by Beijing Monitoring DeskEditing by Muralikumar Anantharaman)