logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla has cut prices of its electric cars in North America following a decline in auto demand during the coronavirus-induced lockdowns. The company is also reducing the prices for its vehicles in China. The luxury electric car maker has reduced the prices for its flagship Model S sedan and the Model X sport utility vehicle by $5,000 each. The U.S. Food and Drug Administration granted approval for Artesunate for Injection 110 mg, powder and solvent for solution to biopharmaceutical company Amivas (US), LLC as the only FDA-approved drug now in the U.S. for the first-line treatment of severe malaria in adult and pediatric patients. It is also the first FDA-approved product that Amivas has introduced to their commercial portfolio. Retail giant Walmart Inc. is entering the fashion resale market through its partnership with thredUP, an online consignment store for second-hand fashion and accessories. The deal will enable Walmart to expand its online fashion offerings. Walmart said that starting Wednesday, customers can browse nearly 750,000 pre-owned items across women's and children's clothing, accessories and footwear.
Follow RTT