SoftBank to slash wireless carrier stake to 40%

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

The offer price for the 1.03 billion shares, including over-allotment, will be set between September 14-16. SoftBank Corp shares closed down 1.6 percent at 1,431 yen on Friday.

SoftBank Group Chief Executive Masayoshi Son has been selling down the group’s core assets to stabilise its balance sheet and fund a record share buyback amid the coronavirus outbreak.

The announcement marks the expansion of stake sales beyond the 4.5 trillion yen asset sale plan announced in March, with SoftBank saying it needs to stockpile cash to weather the pandemic.