Shares in telecom firm SoftBank Corp fall 3% as parent slashes stake

TOKYO: Shares in wireless carrier SoftBank Corp fell 3% on Monday after parent SoftBank Group Corp said it would sell up to 22% of the telco’s shares, which could slash its holding in the carrier to 40%.

SoftBank Group’s shares were up almost 5% as a series of massive asset sales and share buybacks fuel its climb from March lows.

SoftBank Corp’s shares were trading at 1,385 yen in Monday morning trade – below its December 2018 IPO price of 1,500 yen, as its CEO Ken Miyauchi struggles to excite investors about the long-term growth prospects for Japan’s third-biggest carrier.

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