Japanese congolomerate Softbank Group unveils stock split, rakes in $3.8 billion on Uber stake
TOKYO - Japan’s SoftBank Group Corp announced a stock split while keeping the per-share dividend unchanged for the year, effectively doubling its shareholder payout, as it also reported a $3.8 billion valuation gain on its stake in Uber.
A second Vision Fund will be announced soon, SoftBank Group founder and CEO Masayoshi Son said at a news conference on Thursday, adding it would be similar in size to the first fund with SoftBank likely to be the only investor initially. Overall, the fair value rose for 29 firms and fell for 12 over the period, SoftBank said, with the rest unchanged.
That was above a 2.1 trillion yen SmartEstimate that gives a greater weighting to top-rated analysts, Refinitiv data shows.The tech and telecoms group said its common stock will be split at a two-for-one ratio on June 27, while its dividend will remain unchanged at 44 yen per share.SoftBank’s transition away from telecoms towards tech investments accelerated with the 2.
The deal will function as a transfer of funds from the telco to its parent. Part of the proceeds will be used to fund the second Vision Fund, Son said on Thursday.
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