June 15, 2020 / 9:25 AM / 17 days ago

SoftBank buybacks pick up in June; $4.7 billion spent in total

FILE PHOTO: A woman using a mobile phone walks past the logo of SoftBank Corp in Tokyo, Japan December 18, 2014. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - SoftBank Group Corp (9984.T) share buybacks accelerated in June, with a total of 499.9 billion yen ($4.66 billion/£3.7 billion) spent on buying back 107.7 million of its shares since March, a company filing showed on Monday.

The tech conglomerate spent 188.3 billion yen buying back 36.1 million shares between June 1 and June 15, compared with 61 billion yen in May.

Graphic: Shopping Spree - here

The buybacks are funded by asset sales intended to raise up to $41 billion (£33 billion) as CEO Masayoshi Son takes measures to stabilise the group that reported a record annnual loss in May after tech investments soured.

Reporting by Sam Nussey; Editing by Jason Neely and David Goodman

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