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BW Businessworld

SoftBank Bought Back Almost $600 Million Of Own Shares In May

That takes SoftBank's total spending on buybacks since announcing the programme in March to 311 billion yen

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SoftBank Group Corp said on Friday it spent 61 billion yen ($570 million) buying back its shares in May, as part of a record 2.5 trillion yen repurchase programme to support its share price in volatile markets.

That takes SoftBank's total spending on buybacks since announcing the programme in March to 311 billion yen, backed by a massive asset sale programme as CEO Masayoshi Son, buffeted by under performance at his technology investments, takes steps to stabilise the group.

The buyback programme has caused jitters at credit rating agencies, with S&P Global Ratings saying on Thursday it puts SoftBank's financial rigour in question.

(Reuters)


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