Partial sale of shares held in cyber communications inc.Dec. 14, 2006
SOFTBANK CORP. (“SOFTBANK”) announced today that its wholly-owned subsidiary, BB TECHNOLOGY Corp. (Head office: Minato-ku, Tokyo; Representative: Masayoshi Son), sold a portion of its shares held in cyber communications inc. (Head office: Minato-ku, Tokyo; Representative: Hideyuki Nagasawa; hereinafter “CCI”) as follows:
1. Outline of the sale
|(1) Shares sold||110,000 common shares of CCI|
|(2) Sold to||Planned to be sold to Institutional investors, etc. through Nomura Securities Co.,Ltd.|
|(3) Total proceeds of the sale||Approximately 16.2 billion yen|
|(4) Use of proceeds||To be appropriated to business fund|
2. Change in the SOFTBANK Group’s shareholdings following the sale
The equity interest ratio of CCI shares held by the SOFTBANK Group prior to and following the sale of relevant shares is shown below. As a result of the sale, CCI will no longer be accounted for under the equity method.
|Equity interest ratio||Number of shares held||Number of outstanding shares*|
|Prior to the sale
(as of September 30, 2006)
|26.46%||136,162 shares||514,522.08 shares|
|Following the sale
(as of December 14, 2006)
|5.08%||26,162 shares||514,885.08 shares|
- *The number of outstanding shares excludes shares held by CCI.
3. Impacts on the consolidated financial results
As a result of the sale of shares, SOFTBANK expects to record a gain on sales of investment securities of approximately 11.2 billion yen as special income in the 3rd quarter for the fiscal year ending March 2007. Impact to net income is expected to be appropriately 3.6 billion yen.
The sale of shares was conducted as a part of SOFTBANK’s financial strategy. The SOFTBANK Group will continue to maintain its close business relations with CCI.
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