Softbank says no plans to sell Alibaba shares

Nieuws Breedband China 8 MAY 2014
Softbank says no plans to sell Alibaba shares

Softbank has no plans to reduce its stake and sell shares in Alibaba's upcoming IPO. Softbank is the biggest shareholder in the Chinese e-commerce giant with a 34.4 percent stake. CEO Masayoshi Son said at a briefing on the Japanese company's annual results that the holding could decline after the IPO due to dilution, but it has no plans to sell at the moment. He added that Softbank was a strategic partner to Alibaba, especially in Asia, Reuters reports. 

He signalled, however, that SoftBank could change its mind about the stake: "Of course that doesn’t mean we promise to hold it forever, but for now we consider Alibaba a core strategic partner." The company said its holding in Alibaba added JPY 66.78 billion to its pretax profit for the fiscal year to March. Son said he was pleased with the performance of Alibaba.


Categories:

Internet

Companies:

Softbank,  Alibaba

Regions:

Wereld

Countries:

China

Tags:

Shareholders & subsidiaries, Financial funding, M&A buyouts & divestments

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