A filepic of SoftBank's advertising logo in Tokyo. SoftBank Group gained 2.79 per cent to 5,042 yen after the telecom and investment giant said it was considering selling its T-Mobile shares as part of plans to buy back its own stocks and reduce debts. - AFP
TOKYO (AFP): Japanese tech investment behemoth SoftBank Group said Tuesday (June 23) it will sell T-Mobile shares worth over US$21 billion as it sheds assets to shore up its financial health.
The move comes a month after SoftBank announced an eye-watering US$8.9 billion annual net loss, hit hard by troubles with its unicorn investments including WeWork, as well as market plunges caused by the Covid-19 (coronavirus) pandemic.
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