SoftBank Group Corp. has unveiled a plan to raise as much as ¥4.5 trillion to replenish its coffers and slash debt over the coming year, moving to address investors' concerns about its exposure to money-losing businesses during the coronavirus pandemic. Its shares surged.
The investment giant said it has authorized the sale or monetization over the next four quarters of its assets, which include major holdings in corporations from China's Alibaba Group Holding Ltd. to sharing-economy stalwarts such as Uber Technologies Inc.
Billionaire Masayoshi Son's company also said it is establishing a new share buyback program of as much as ¥2 trillion, on top of a previously announced program to repurchase ¥500 billion of stock.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.