SoftBank to slash wireless carrier stake to 40%; could raise $14 billion
By Sam Nussey
TOKYO (Reuters) – SoftBank Group Corp <9984.T> said on Friday it deliberate to slash its publicity to wireless carrier SoftBank Corp <9434.T> in a share sale value 1.47 trillion yen ($13.8 billion) at Friday’s shut, marking an development of the conglomerate’s asset product sales.
The sale will see SoftBank’s stake fall to 40.4% from 62.1%. The provide worth for the 1.03 billion shares, along with an over-allotment, shall be set Sept. 14-16.
SoftBank Group Chief Executive Masayoshi Son has been selling down the group’s core belongings to stabilise its stability sheet and fund a report share buyback amid the coronavirus outbreak.
The announcement marks the expansion of stake product sales previous the 4.5 trillion yen asset sale plan launched in March. One-off optimistic elements from the product sales boosted the group’s earnings inside the April-June quarter.
…