SOFTBANK announces a partial sale of its holding in SOFTBANK INVESTMENT CORPORATIONJan. 30, 2004
SOFTBANK CORP. announces that its wholly-owned subsidiary and the operation holding company of e-Finance segment, SOFTBANK FINANCE CORPORATION (Head office: Minato-ku, Tokyo; President & CEO: Yoshitaka Kitao; “SBF”) sold a part of its holding in SOFTBANK INVESTMENT CORPORATION (Head office: Minato-ku, Tokyo; President & CEO: Yoshitaka Kitao; “SBI”).
SBF sold 100,000 shares of SBI and proceeds from the sale were 11,737 million yen. Gain on sale of investment securities of approximately 9.8 billion yen is expected to be recognized in the 4th quarter of the fiscal year 2004.
Although SBF’s stake in SBI is expected to decrease from approximately 51.6% to approximately 47.3% pursuant to the above-mentioned sale, SBI would remain a consolidated subsidiary of SOFTBANK CORP.
Proceeds from the above-mentioned sale will be allocated for repayment of interest-bearing debt and the other purposes.
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