SoftBank CEO says no plans to sell part of Alibaba stake in IPO
Published on May 7, 2014 2:43 PM
TOKYO (Reuters) - SoftBank chief executive Masayoshi Son said on Wednesday that his company has no plans to sell part of its stake in Alibaba IPO in the initial public offering of the Chinese online retailer.
Son was speaking at a briefing in Tokyo after the announcement of SoftBank's earnings for the last fiscal year.
The company forecast its operating profit would fall by about 8 per cent this financial year from last year's record high as it loses one-off benefits from the consolidation of some of its units.
The company is still reaping gains, however, from its domestic mobile phone business and investments including its holding in Chinese e-commerce giant Alibaba Group Holding.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here