SoftBank To Slash Holding In Wireless Carrier To 40.4%; Could Raise $14 Bln

TOKYO: SoftBank Group Corp said on Friday it planned to slash its exposure to wireless carrier SoftBank Corp to 40.4% from 62.1% now, in a sale worth 1.47 trillion yen ($13.8 billion) at Friday’s closing price.

The offer price for the 1.02 billion shares, including over-allotment, will be set between Sept. 14-16.

SoftBank Corp shares closed down 1.6% at 1,431 yen on Friday.

SoftBank CEO Masayoshi Son has been selling down the group’s core assets to stabilise its balance sheet amid the coronavirus pandemic.

($1=106.2100 yen)

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