Business

BlackRock raises SoftBank stake to 5.2per cent

BlackRock Inc has hiked its stake in Japan's SoftBank Group Corp to 5.2per cent, a filing showed on Wednesday.

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

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TOKYO: BlackRock Inc has hiked its stake in Japan's SoftBank Group Corp to 5.2per cent, a filing showed on Wednesday.

Japanese rules require disclosure of stakes in excess of 5per cent. BlackRock, the world's larget money manager, holds the stake through entities including its Japan business.

A representative for BlackRock in Japan declined to comment on the rationale for the stake hike.

Shares in SoftBank, which reported record profit last week, have tumbled 17per cent since May 10. The conglomerate has completed a US$23 billion share buyback programme, removing support for the shares.

(Reporting by Sam Nussey and Makiko Yamazaki, editing by Louise Heavens)

Source: Reuters