May 18, 2020 / 8:20 AM / 7 days ago

SoftBank to raise over $11 billion for buybacks using Alibaba shares

FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo

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

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