SoftBank Group to Sell 1.4 T. Yen in Wireless Unit Shares

Economy

Tokyo, Aug. 29 (Jiji Press)--SoftBank Group Corp. <9984> said Friday it will sell up to about 1,028 million shares in its Japanese wireless unit, SoftBank Corp. <9434>, as part of an effort to strengthen its finances.

The sum, which represents about 20 pct of all outstanding shares in the unit, is worth some 1.47 trillion yen at Friday's closing price.

The Japanese technology investor will set the selling price as early as Sept. 14.

The sale will reduce SoftBank Group's stake in the wireless unit to about 40 pct.

The company said it has no plans to sell additional shares in the unit as its "strategic importance to the entire SoftBank Group remains unchanged."

[Copyright The Jiji Press, Ltd.]

Jiji Press