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Telco SoftBank shares fall 3per cent as parent slashes stake

Telco SoftBank shares fall 3per cent as parent slashes stake

FILE PHOTO: SoftBank Group Corp Chairman and CEO Masayoshi Son speaks at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

TOKYO: Shares in wireless carrier SoftBank Corp fell 3per cent in early trading on Monday after parent SoftBank Group Corp said it would sell up to 22per cent of the telco's shares, slashing its exposure to the carrier to 40per cent.

SoftBank Group's shares were up almost 5per cent as a series of massive asset sales and share buybacks continue to fuel its climb from March lows.

SoftBank Group "is manifesting a very disciplined approach to managing its balance sheet (in a welcome change) but does not bode so well for (SoftBank Corp's) shareholders," Jefferies analyst Atul Goyal wrote in a note.

(Reporting by Sam Nussey; Editing by Himani Sarkar)

Source: Reuters

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