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7 February, 2018 03:12:19 PM
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Japan's SoftBank prepares listing of mobile unit

Independent Online Desk
Japan's SoftBank prepares listing of mobile unit
The news on Wednesday came shortly before SoftBank announced a 20 percent jump in net profit in the nine months to December thanks to US tax cuts and the strong performance of its huge investment fund. AFP Photo

Japanese telecoms giant SoftBank on Wednesday said it had begun preparing to list its mobile unit in a move reports said could raise up to $18 billion, making it one of the country's biggest ever initial public offerings.

In a statement the company said it had "commenced preparations to list SB (mobile unit) shares", which would give the unit "greater managerial autonomy to develop its own growth strategy".

Reports emerged last month that the company was considering the move, and it acknowledged at the time that an IPO was "an option", while saying no final decision had been made.

The Nikkei economic daily, which first reported the plan, said the listing could bring in two trillion yen ($18 billion).

The news on Wednesday came shortly before SoftBank announced a 20 percent jump in net profit in the nine months to December thanks to US tax cuts and the strong performance of its huge investment fund.

The reports last month suggested SoftBank hoped to apply to the Tokyo Stock Exchange in the coming months and begin trading on the bourse in the last quarter of the year, offering around 30 percent of the shares in its subsidiary up to investors.

There was no confirmation of those details in SoftBank's statement.AFP.

KK

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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