June 15, 2020 / 9:24 AM / 25 days ago

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

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

TOKYO (Reuters) - SoftBank Group Corp share buybacks accelerated in June, with a total of 499.9 billion yen ($4.66 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.

Shopping Spree here

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

($1 = 107.3000 yen)

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

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