Japans Softbank group plans to sell a significant proportion of its U.S. T-Mobile shares to Deutsche Telekom, US media reported Tuesday. Deutsche Telekom is the controlling shareholder of T-Mobile. Softbank group is raising huge amounts of cash due to investment losses.
Softbank is seeking to sell assets and improve performance as it has suffered investment losses and shareholder pressure. Sunzhengyi, chairman of Softbank, said in March that Softbank plans to sell $41 billion worth of assets to boost liquidity and raise funds for a large-scale stock Buyback program.
Softbank group reported a record operating loss of 1.4 trillion yen (92.9 billion yuan) in the previous fiscal year, according to its financial report released on Tuesday. The loss is mainly due to the investment loss of its vision fund. By the end of March, the vision fund had invested $75 billion in 88 start-ups with a market value of just $69.6 billion, according to Reuters.
Source: editor in charge of Xinhua News Agency: Qiao JunJing, nbj11279