SoftBank Group to book 1.2 trillion yen profit on sale of Alibaba shares


FILE PHOTO : The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

TOKYO (Reuters) – Japan’s SoftBank Group Corp said on Tuesday it expects to book around 1.2 trillion yen ($11.12 billion) in pre-tax profit on the sale of shares in China’s Alibaba Group Holding Ltd.

The sale dates from 2016 when SoftBank sold part of its Alibaba stake via derivatives to fund its acquisition of British chip designer ARM.

The transaction leaves SoftBank with a 26% stake in Alibaba. SoftBank said it would book the profit in the financial quarter ending June.

Reporting by Sam Nussey; Editing by Christopher Cushing

Leave a Reply

Your email address will not be published. Required fields are marked *