SoftBank Paused Share Buybacks In August Ahead Of Asset Sale Announcements

23Views

Coverage By Soumyadeep Pal

September 15, 2020

SOFTBANK-GROUP-BUYBACK:SoftBank paused share buybacks in August ahead of asset sale announcements

SoftBank Group Corp paused share repurchases over Aug. 431 ahead of major asset sales announcements, a stock exchange filing showed on Wednesday, in a dropoff in support for the stock after spending 1 trillion yen ($9.4 billion) since March.

Reuters

Last Updated: September 15, 2020, 1:51 PM IST

FOLLOW US ON:

TOKYO: SoftBank Group Corp paused share repurchases over Aug. 4-31 ahead of major asset sales announcements, a stock exchange filing showed on Wednesday, in a drop-off in support for the stock after spending 1 trillion yen ($9.4 billion) since March.

The Japanese conglomerate “determined that there were facts that could be classified as nonpublic material facts under insider trading regulation,” it said in the filing.

The group announced a major cut in its stake in wireless unit SoftBank Corp on Aug. 28, followed by the sale of chip designer Arm to Nvidia Corp on Sept. 14.

A company spokeswoman declined to comment on whether SoftBank is again in a position to buy back shares.

SoftBank’s share price climbed 160% from March lows to peak on Aug. 3 at 6,942 yen. It has since fallen around 8%.

The group previously signalled a slowdown in the pace of its remaining 1.5 trillion yen worth of planned stock repurchases.

SoftBank has been selling assets to fund the buybacks and raise cash. Executives have held early stage talks on taking the group private, a person familiar with the matter told Reuters.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

SoftBank Paused Share Buybacks In August Ahead Of Asset Sale Announcements

SoftBank Group Corp paused share repurchases over Aug. 431 ahead of major asset sales announcements, a stock exchange filing showed on Wednesday, in a dropoff in support for the stock after spending 1 trillion yen ($9.4 billion) since March.

Speak Your Mind

LEAVE A REPLY Cancel reply

Get in Touch

Recommend for You

Oh hi there It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

You might also like

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

About Us

Follow Us

Support Us & Be a Patreon

Add QNewsHub to your Homescreen!

Oh hi there
It’s nice to meet you.