SoftBank to cut its wireless carrier stake by 40%

28.08.2020 - Davydova Maria
SoftBank to cut its wireless carrier stake by 40%

On Friday, SoftBank Group Corp (9984.T) announced that it would cut its exposure to wireless carrier SoftBank Corp (9434.T) in a share sale worth 1.47 trillion Yen ($13.8 billion).

SoftBank Group’s Chief Executive Officer Masayoshi Son said that he had been selling the group’s core assets to stabilize its balance sheet while funding a record share buyback amid the coronavirus pandemic.

“In light of the ongoing uncertainty in the market environment due to concerns about a potential second or even third wave of COVID-19, (SoftBank Group) believes it is necessary to expand cash reserves,” SoftBank said in a statement to the press.

However, SoftBank said that Japan’s third-biggest wireless carrier would remain a group subsidiary. Masayoshi Son also stated that SoftBank would hold the remaining shares “for the medium to long term.”

SoftBank Corp’s shares went down by 1.6% at 1,431 Yen.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?