SoftBank paused share buybacks in August ahead of asset sale announcements

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SoftBank Group Corp paused share repurchases over Aug. 4-31 ahead of major asset sales announcements, a stock exchange filing showed on Wednesday, in a drop-off in support for the stock after spending 1 trillion yen (US$9.4 billion) since March.

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

15 Sep 2020 04:20PM

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TOKYO: SoftBank Group Corp paused share repurchases over Aug. 4-31 ahead of major asset sales announcements, a stock exchange filing showed on Wednesday, in a drop-off in support for the stock after spending 1 trillion yen (US$9.4 billion) since March.

The Japanese conglomerate "determined that there were facts that could be classified as nonpublic material facts under insider trading regulation," it said in the filing.

The group announced a major cut in its stake in wireless unit SoftBank Corp on Aug. 28, followed by the sale of chip designer Arm to Nvidia Corp on Sept. 14.

A company spokeswoman declined to comment on whether SoftBank is again in a position to buy back shares.

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