Transfer of shares held by SOFTBANK CORP. to its wholly-owned subsidiaryJan. 29, 2007
SOFTBANK CORP. (hereinafter ‘the Company’) announces that its board of directors has passed a resolution to transfer shares held by the Company today as stated below.
1. Reason for transfer
As a part of the business strategies of the SOFTBANK Group (hereinafter ‘the Group’), the Company transfers a part of or all of the shares of SOFTBANK TELECOM SALES Corp. and 4 other companies held by the Company to SBBM Corporation, a wholly-owned subsidiary of the Company.
2. Details of the shares to be transferred
|Name||Business description||Number of shares held before transfer||Number of shares to be transferred||Number of shares to be held after transfer|
|SOFTBANK TELECOM SALES Corp.||
||1,171,800 (Ownership 100%)||574,182||597,618 (Ownership 51%)|
|SOFTBANK Korea Co., Ltd.||Holding company||4,400,000(Ownership 100%)||4,400,000||0 (Ownership 0%)|
|SB Thrunet Pte Ltd||Investment||96,943,002 (Ownership 100%)||96,943,002||0 (Ownership 0%)|
|SOFTBANK Commerce Korea Corporation||Wholesale/distribution of IT related products in South Korea||950,000 (Ownership 8.3%)||950,000||0 (Ownership 0%)|
|SB Sweden Aktiebolag||Holding company||251 (Ownership 25.1%)||251||0 (Ownership 0%)|
3. Transferee of the shares
|(1) Corporate name||SBBM Corporation|
|(2) Representative||Ken Miyauchi|
|(3) Address of the head office||1-9-1, Higashi-shimbashi, Minato-ku, Tokyo|
|(4) Foundation||March, 2000|
4. Schedule of transfer
|Date of conclusion of Agreement of Share Transfer||29 January 2007|
|Date of transfer||29 January 2007
(As for the shares of SOFTBANK Korea Co., Ltd. and SOFTBANK Commerce Korea Corporation, the transfer is planned to be completed by the end of February.)
5. Impact on business results
Associated with this transfer of shares, the Company estimates to record approximately JPY 69.7 billion of profit on sale of shares of affiliated companies as special profit and approximately JPY 3.4 billion of loss on sale of shares of affiliated companies as special loss in the closing results for FY2006 ending in March 2007 on non-consolidated basis. As for the closing results on consolidated basis, the aforementioned gain/loss on sale of shares of affiliated companies will balance each other as out internal transactions.
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