SoftBank Group to Sell 5 Pct of Shares in Mobile Subsidiary

Economy

Tokyo, May 21 (Jiji Press)--SoftBank Group Corp. <9984> said Thursday that it will sell 240 million SoftBank Corp. <9434> shares, or about 5 pct of all outstanding shares in the mobile subsidiary, as part of its 4.5-trillion-yen asset sales plan aimed at improving its financial standing.

The parent company's stake in the subsidiary will fall to around 62 pct after the sale, which is planned to be completed on Tuesday.

SoftBank Group has not disclosed the selling price. If Thursday's closing price for the mobile carrier on the Tokyo Stock Exchange is used, the sale value would come to some 300 billion yen.

For the year through March, the Japanese investment group suffered a consolidated net loss of 961.5 billion yen, battered by market turbulence due to the COVID-19 outbreak.

END

[Copyright The Jiji Press, Ltd.]

Jiji Press