February 9, 2018 / 6:37 AM / 10 months ago

SoftBank readies mobile unit's listing

HONG KONG, Feb 9 (IFR) - Japanese conglomerate SoftBank Group has started preparations to list mobile phone unit SoftBank Corp. SoftBank Group CEO Masayoshi Son told reporters last week that the company wanted to list the unit this year. According to last Wednesday’s press release from SoftBank Group, the company is currently accelerating its global investment activities through the SoftBank Vision Fund and other vehicles to drive overall growth. With the proposed spin-off, the respective roles and valuations of the group company and the mobile unit will be clear, making it possible to communicate information on the group’s businesses to the market with greater clarity. SoftBank Corp will remain a major consolidated subsidiary of the SoftBank Group’s telecommunications business, even after being listed, according to the press release. Last month, SoftBank Group was reportedly planning to list its mobile phone unit in Tokyo and overseas, possibly London, to raise as much as ¥2trn (US$18bn). (Reporting by Fiona Lau)

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