SoftBank Group Corp. said Friday it will sell part of its shareholding in a mobile telecommunications unit as the investment and technology conglomerate remains on the defensive during the coronavirus pandemic.
The sale of about 1.03 billion shares in SoftBank Corp., worth about 1.4 trillion yen ($13 billion) based on its price on the Tokyo bourse Friday, will lower SoftBank Group's stake from 62.1 percent to 40.4 percent. The offering price will be determined after taking into account closing prices between Sept. 14 and 16, SoftBank Group said.
SoftBank Group has been aggressively selling assets to improve its finances, aiming to raise 4.5 trillion yen. While it has already raised 4.3 trillion yen, the upcoming share sale is an expansion of the 4.5 trillion yen program, it said.
The conglomerate has shifted to a defensive strategy as it posted a group net loss of 961.58 billion yen in the last business year due to huge investment losses and faces a murky business outlook.
Separately, the SoftBank mobile phone unit said it will spend up to 100 billion yen to buy back up to 80 million, or 1.68 percent, of its outstanding shares between October and March.