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New CEO Miyakawa to buy 20bn yen of SoftBank shares

SoftBank will provide financing to Miyakawa for the share purchases, with the acquired shares to be put up as collateral. (AFP)
SoftBank will provide financing to Miyakawa for the share purchases, with the acquired shares to be put up as collateral. (AFP)
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01 Apr 2021 04:04:24 GMT9
01 Apr 2021 04:04:24 GMT9

TOKYO: Junichi Miyakawa, who on Thursday became president and CEO of SoftBank Corp., will buy about 20 billion yen worth of shares of the Japanese mobile carrier, the company said.

The move is apparently aimed at showcasing Miyakawa’s determination to be responsible for SoftBank’s performance and stock price.

“Through this personal holding of SoftBank shares, I want to show my determination to surmount any challenges the company might face due to changes in the business environment,” Miyakawa said in a statement.

He added, “I also want to convey to all shareholders my commitment to grow SoftBank’s businesses.”

The idea of having Miyakawa acquire SoftBank shares came up during talks with Masayoshi Son, chairman and CEO of SoftBank Group Corp., SoftBank’s parent, and others when they discussed responsibilities of company leaders, according to sources familiar with the matter.

The share purchases are expected to boost Miyakawa’s SoftBank stake to 0.3 percent from 0.01 percent as of Wednesday.

SoftBank will provide financing to Miyakawa for the share purchases, with the acquired shares to be put up as collateral.

JIJI Press

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