Quantcast
SoftBank spent $3.8 billion on buybacks in July, August - Metro US

SoftBank spent $3.8 billion on buybacks in July, August

FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo

TOKYO (Reuters) – SoftBank Group Corp on Monday said it spent 398 billion yen ($3.8 billion) buying back 63.2 million shares between July 1 and Aug. 3, part of a repurchase programme that has helped lift its share price to two decade highs.

The latest purchases bring the total spent on buybacks since March to 1 trillion yen ($9.5 billion). SoftBank has approved a further two tranches totalling 1.5 trillion yen which will provide continued support to the conglomerate’s shares.

Chief Executive Masayoshi Son launched the buybacks, funded by a large-scale asset monetization plan, after the group’s earnings were hammered by poor performance at the $100 billion Vision Fund.

SoftBank’s shares closed up 5% on Monday and have risen almost 160% since their March trough, shrinking the gap between the share price and the value of the group’s assets.

(Reporting by Sam Nussey, editing by Louise Heavens)

More from our Sister Sites