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SoftBank Group to buy back as much as 7 percent of its shares – Source Reuters Tech News

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) – SoftBank Group Corp on Friday said it will buy back up to 7 percent of its own shares for as much as 500 billion yen ($4.77 billion).

The buyback will begin on Monday and will take place over a year, the company said in a press release through the Tokyo Stock Exchange.

Softbank’s shares skidded more than 6 percent in early trading to 3,700 yen as the Tokyo market slumped further on concern over the economic impact of the coronavirus outbreak.

Reporting by Tim Kelly; Editing by Shri Navaratnam

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