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
Source Reuters Tech News