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SoftBank Group recently revealed that it will sell about 1.
33 trillion yen ($12.
5 billion) of its domestic wireless business company SoftBank Corp.
to get it back on
track.
SoftBank Group will reportedly sell 927 million shares of the company
.
Bloomberg noted that SoftBank Corp.
will also seek to buy back up to 1.
68 percent of its shares, paying about 100 billion yen
in the process.
SoftBank Group Inc.
reported a net profit of 1.
265 trillion yen for the April-June 2020 quarter, up 11.
9% from 1.
122 trillion yen in the same period last year, thanks in large part to its merger and sale of its stake in U.
S.
mobile operator Sprint, marking the company's return to profitability
after its biggest loss on record in the previous quarter.
However, SoftBank did not report operating profit for the quarter, saying it was "not useful in properly presenting the consolidated financial results of strategic investment holding companies.
"
As part of its adjusted business focus, SoftBank is moving forward with its plan
to divest $41 billion in assets in the current fiscal year, announced in March.
By June, Son confirmed that he had sold shares in T-Mobile USA Inc.
and domestic unit SoftBank Corp.
and used some of the proceeds to buy back the group's shares, having achieved about 80 percent of its target
.
Regarding the asset plan, the panel noted: "Given the current focus on the novel coronavirus, SoftBank Group believes it needs to further increase its cash reserves
.
The Group will invest the proceeds in high-quality, liquid marketable securities and other instruments until these cash reserves are used for planned share buybacks and debt reductions, and then use them with other surplus funds in high-quality, highly liquid marketable securities and other instruments, while firmly committed to its existing LTV financial policy (loan-to-value, liabilities to assets held) and cash
on hand.
”
SoftBank Group recently revealed that it will sell about 1.
33 trillion yen ($12.
5 billion) of its domestic wireless business company SoftBank Corp.
to get it back on
track.
SoftBank Group will reportedly sell 927 million shares of the company
.
Bloomberg noted that SoftBank Corp.
will also seek to buy back up to 1.
68 percent of its shares, paying about 100 billion yen
in the process.
SoftBank Group Inc.
reported a net profit of 1.
265 trillion yen for the April-June 2020 quarter, up 11.
9% from 1.
122 trillion yen in the same period last year, thanks in large part to its merger and sale of its stake in U.
S.
mobile operator Sprint, marking the company's return to profitability
after its biggest loss on record in the previous quarter.
However, SoftBank did not report operating profit for the quarter, saying it was "not useful in properly presenting the consolidated financial results of strategic investment holding companies.
"
As part of its adjusted business focus, SoftBank is moving forward with its plan
to divest $41 billion in assets in the current fiscal year, announced in March.
By June, Son confirmed that he had sold shares in T-Mobile USA Inc.
and domestic unit SoftBank Corp.
and used some of the proceeds to buy back the group's shares, having achieved about 80 percent of its target
.
Regarding the asset plan, the panel noted: "Given the current focus on the novel coronavirus, SoftBank Group believes it needs to further increase its cash reserves
.
The Group will invest the proceeds in high-quality, liquid marketable securities and other instruments until these cash reserves are used for planned share buybacks and debt reductions, and then use them with other surplus funds in high-quality, highly liquid marketable securities and other instruments, while firmly committed to its existing LTV financial policy (loan-to-value, liabilities to assets held) and cash
on hand.
”
