October 3, 2018 / 9:19 AM / 15 days ago

SoftBank's mobile unit preparing for Dec 19 listing - DealWatch

TOKYO (Reuters) - SoftBank Group Corp (9984.T) is making arrangements to list its mobile unit on Dec. 19 on the Tokyo Stock Exchange, capital markets newswire DealWatch reported on Wednesday.

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

The approval from the exchange for the potential 2 trillion yen (13.52 billion pounds) listing is likely to come on Nov. 5, the day SoftBank is scheduled to announce its second-quarter results, DealWatch reported citing multiple unnamed sources.

The listing, which could be Japan’s biggest ever, will mark the transformation of SoftBank and its almost $100 billion Vision Fund into one of the world’s largest technology investors as well as free up more cash for investments ranging from ride-sharing to solar energy.

A SoftBank spokesman declined to comment.

SoftBank hopes the spin-off will allow investors seeking stability to invest in the domestically focussed mobile unit, while giving growth-focused investors in the parent company exposure to CEO Executive Masayoshi Son’s vision of an artificial-intelligence driven future.

The majority of investors in the mobile unit are likely to come from inside Japan, DealWatch reported.

Reporting by Sam Nussey; Editing by Gopakumar Warrier and Himani Sarkar

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