SOFTBANK announces a partial sale of its holding in UTStarcom, Inc.Aug. 30, 2002
SOFTBANK CORP. announces that its wholly owned subsidiary, SOFTBANK America Inc. (Headquarter: Delaware, U.S.A., Representative: Masayoshi Son, hereinafter called “SBA”) sold a part of its holding in UTStarcom, Inc. (Nasdaq: UTSI, Headquarter: California, U.S.A., hereinafter called “UTSI”) pursuant toUTSI’s request to buy back its own shares.
SBA sold 6,000,000 shares of UTSI, for an aggregate price of approximately US$72 million (translated amount in yen: approximately 8.5 billion yen; exchange rate: $1=118 yen). Gain on sale of such shares is expected to be approximately 3.6 billion yen. SBA’s stake in UTSI is expected to decrease from approximately 26% to approximately 20% after the transaction.
Proceeds from the above-mentioned sale will be allocated for reduction of interest-bearing debt in order to further strengthen the financial position and for the broadband business, which SOFTBANK as a group is developing vigorously, and other businesses.
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