March 13, 2020 / 12:36 AM / in 18 days

SoftBank Group to buy back as much as 7 percent of its shares

TOKYO, March 13 (Reuters) - SoftBank Group Corp on Friday said it will buy back up to 7 percent of its own shares for as much as 500 billion yen ($4.77 billion).

The buyback will begin on Monday and will take place over a year, the company said in a press release through the Tokyo Stock Exchange.

Softbank’s shares skidded more than 6 percent in early trading to 3,700 yen as the Tokyo market slumped further on concern over the economic impact of the coronavirus outbreak.

$1 = 104.8000 yen Reporting by Tim Kelly Editing by Shri Navaratnam

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