SoftBank Group's sale of 5% telco unit stake to raise US$2.9 billion

SoftBank Group's sale of 5% telco unit stake to raise US$2.9 billion

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

TOKYO: SoftBank Group Corp said on Friday its planned sale of 5 per cent in its domestic telco SoftBank Corp would fetch 310.2 billion yen (2.4 billion pounds), as part of a programme to raise US$41 billion through asset sales.

The Japanese company announced a day before that it would sell 240 million shares in the subsidiary, leaving it with a 62.1 per cent stake in Japan's third-largest wireless carrier.

SoftBank needs cash for a record stock buyback aimed at supporting the price of its shares, as its tech investments falter.

Source: Reuters

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