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SoftBank Approves $41 Bln Program To Buyback Shares, Reduce Debt - Quick Facts

SoftBank Group Corp. (SFTBY.PK,SFTBF.PK) announced Monday that its Board of Directors has approved the sale or monetization of up to 4.5 trillion Japanese yen or $41 billion of assets.

The company would repurchase up to 2 trillion yen or $18 billion of its common stock. The balance would be used for debt redemptions, bond buybacks and increase cash reserves. SoftBank plans to execute the transactions over the next four quarters.

The newly authorized program is in addition to the recently announced 500 billion yen share repurchase program.

The monetization of assets represents less than 20 percent of the company's current asset value.

The company at present has more than 27 trillion yen or $245 billion of assets and 1.7 trillion yen or $15 billion of cash on its balance sheet.

SoftBank said the latest actions highlight the Board's confidence in the long-term growth of the business.

The company expects the enhanced share repurchase program and significant debt reductions, including bond buybacks, will further strengthen its balance sheet and enhance its credit rating.

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