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

Platform News: SoftBank Group CEO

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

SoftBank Group’s shares were up nearly 5% for 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, a level below its December 2018 IPO price of 1,500 yen, as its Chief Executive Officer Ken Miyauchi struggles to excite investors about the long-term growth prospects for Japan’s third-biggest mobile carrier.

Group Chief Executive Masayoshi Son has already cut exposure to the telco he built despite its considerable dividends as he bulks up cash reserves during the coronavirus outbreak.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sam Nussey. Editing by Himani Sarkar and Edwina Gibbs.

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