SoftBank Group Corp. said it plans to buy back as much as 12.3% of its shares for 1 trillion yen ($9.6 billion), adding to a repurchase program that has helped lift its shares this year.
The Tokyo-based company said the latest buyback program would run through July 2021. The company has said it plans to sell 4.5 trillion yen in assets to fund repurchases and other activities.
SoftBank founder Masayoshi Son turned to asset sales and repurchases after his shares tumbled with the coronavirus pandemic and business missteps earlier this year. The strategy has helped lift his company’s stock more than 150% from its low in March.
SoftBank said that due to the uncertainty in market trends, repurchases under the 4.5 trillion yen asset program may not be completed until April 2021 or later.
SoftBank Group shares have climbed about 45% this year before today.
