FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. (REUTERS photo/Toru Hanai/File Photo
TOKYO (Reuters) – SoftBank Group Corp. on Friday said it will buy back up to 7 per cent of its own shares for as much as 500 billion yen ($4.77 billion).
The redemption will start on Monday and last year, the company said in a press release by the Tokyo Stock Exchange.
Softbank’s shares have slid more than 6 percent in early trade to 3,700 yen in the Tokyo market declined further on concerns about the economic impact of the corona virus outbreak.
Reporting by Tim Kelly; Editing by Shri Navaratnam