TOKYO (Reuters) – Softbank Group will raise 1.25 trillion yen ($11.7 billion) using Alibaba stock to fund buybacks of its own shares, Chief Executive Masayoshi Son said on Monday.
The SoftBank CEO made the comment at an earnings briefing after his company slid to a 1.4 trillion yen loss in the just-ended fiscal year, hit by massive losses at its Vision Fund.
($1 = 107.1700 yen)
Reporting by Sam Nussey, editing by Louise Heavens
Our Standards:The Thomson Reuters Trust Principles.
This article was originally published by Reuters.com. Read the original article here.