logo
  

SoftBank To Record Gain On Loss Of Control Of Sprint - Quick Facts

SoftBank Group Corp. (SFTBY.PK,SFTBF.PK) said it expects to record a gain of approximately 750 billion yen relating to loss of control of Sprint, under net income from discontinued operations in its consolidated statement of income for three-month period ending June 30, 2020. This is due to Sprint ceasing to be a subsidiary of SBG upon completion of the merger with T Mobile US.

Separately, the Group announced additional corporate governance enhancements, including the election by shareholders of two new independent directors. Lip-Bu Tan, Founder and Chairman of Walden International Inc. and CEO of Cadence Design Systems,
and Yuko Kawamoto, Professor at Waseda Business School, were elected. Yoshimitsu Goto, Senior Vice President, CFO, CISO & CSusO at SBG, was also elected to the Board.

The Board has approved the formation of a new Nominating & Compensation Committee, which will be comprised of a majority of independent directors and no less than three Board Directors. The committee will be Chaired by independent director, Masami
Iijima, and Yutaka Matsuo and Masayoshi Son will also serve on the committee.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14. Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and Amazon said over 1 million people have applied for a job at the tech major as part of its Career Day 2021. Job seekers from more than 170 countries have participated in the virtual event. In addition, more than 2,000 Amazon recruiters offered 30,000 individual career coaching sessions with participants in a single day.
RELATED NEWS
Follow RTT