Softbank to Sell Up to 4.5 T. Yen in Assets

Economy

Tokyo, March 23 (Jiji Press)--Softbank Group Corp. <9984> said Monday it will sell up to 4.5 trillion yen in assets to raise funds to buy back up to 2 trillion yen in own shares and repay debt.

The buyback will be in addition to a plan announced on March 13 to spend 500 billion yen to repurchase own shares.

The latest move is apparently aimed at improving the company's financial strength and putting a break on falls in its stock price caused by the spread of the new coronavirus.

The 2.5-trillion-yen share buyback is the largest since the company's establishment, far exceeding a 600-billion-yen buyback plan it announced in February 2019.

Softbank plans to acquire 45 pct of its all outstanding shares to cancel them.

[Copyright The Jiji Press, Ltd.]

Jiji Press