Wed Aug 10 2022
Austin Collins (412 articles)

SoftBank to book $34 bln gain from Alibaba shares

SoftBank to book $34 bln gain from Alibaba shares

SoftBank Group Corp (9984.T) on Wednesday said it will book an estimated gain of 4.6 trillion yen ($34.08 billion) on settling prepaid forward contracts using shares in Alibaba Group Holding (9988.HK), reducing its stake to 14.6% from 23.7%.

The estimate includes gains from the revaluation of shares in the Chinese e-commerce giant and derivative gains, SoftBank said in a filing.

The transaction “will be able to eliminate concerns about future cash outflows, and furthermore, reduce costs associated with these prepaid forward contracts,” SoftBank said.

Tags SoftBank
Austin Collins

Austin Collins

Austin Collins is our Europe, Asia, & Middle East Correspondent. He covers news related to Stock Market. In past he has worked for many prestigious news & media organizations. He is based in Dubai