SoftBank to gain $34 bln from cutting Alibaba stake [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
Last alibaba group holding limited american depositary shares each representing eight ordinary share earnings: 2/13 06:45 am
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Source: Reuters
Summary Companies To cut stake in Chinese tech firm to 14.6% from 23.7% Says move will boost defences against market downturn Booked $50 bln loss at Vision Fund unit in first half TOKYO, Aug 10 (Reuters) - SoftBank Group Corp (9984.T) said on Wednesday it would book a gain of $34.1 billion by cutting its stake in Alibaba Group Holding (9988.HK) , as the investment behemoth looks to shore up its cash reserve to weather the market downturn. SoftBank will reduce its stake in Alibaba to 14.6% from 23.7% by settling prepaid forward contracts. Alibaba's U.S.-listed shares were down 1.7% in premarket trade after the announcement. The conglomerate booked a $50 billion loss at its Vision Fund investment arm in the first half of the year as its tech bets soured, with Chief Executive Masayoshi Son on Monday pledging to further reduce investment activity and cut costs. By settling the Alibaba share contracts, SoftBank "will be able to eliminate concerns about future cash outflows
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