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Softbank shares: Shares in telecom firm SoftBank Corp fall 3% as parent slashes stake – Latest News

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Shares in wireless carrier SoftBank Corp fell 3% on Monday after parent SoftBank Group Corp said it would sell up to 22% of the telco’s shares, which could slash its holding in the carrier to 40%.

SoftBank Group’s shares were up almost 5% as a series of massive asset sales and share buybacks fuel its climb from March lows.

SoftBank Corp’s shares were trading at 1,385 yen in Monday morning trade – below its December 2018 IPO price of 1,500 yen, as its CEO Ken Miyauchi struggles to excite investors about the long-term growth prospects for Japan’s third-biggest carrier.

SoftBank Group “is manifesting a very disciplined approach to managing its balance sheet (in a welcome change) but does not bode so well for (SoftBank Corp’s) shareholders,” Jefferies analyst Atul Goyal wrote in a note.

Group CEO Masayoshi Son has already cut exposure to the telco he built despite its ample dividends as he bulks up cash reserves during the coronavirus outbreak.

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