SoftBank to sell $12.5 billion in shares of its Japan telecoms unit

TOKYO: SoftBank Group said Friday it will sell shares of its Japan telecomms unit SoftBank Group Corp worth approximately $12.5 billion as it pursues a push to increase cash reserves.

The sale, which was announced after Friday’s trading close, is expected to take place in late September and involves more than 927 million shares in the Japanese telecoms unit.

SoftBank Group Corp ended Friday’s session at 1,431.5 yen.