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SoftBank Sees Up to $2.4 Billion Profit on Alibaba Share Sale

SoftBank has said it expects to book a profit of between 200 billion yen and 250 billion yen ($1.9 billion-$2.4 billion) this financial year on the sale of its shares in Alibaba.
Softbank package | Source: Flickr/MikiYoshihito
By
  • Reuters

TOKYO, Japan — SoftBank Group Corp said on Wednesday it expects to book a profit of between 200 billion yen and 250 billion yen ($1.9 billion-$2.4 billion) this financial year on the sale of its shares in Alibaba Group Holding Ltd.

The company said this month that it plans to sell $10 billion worth of Alibaba shares to cut interest-bearing debt, reducing its stake in the Chinese e-commerce giant to around 27 percent from 32.2 percent.

By Makiko Yamazaki; editor: Edwina Gibbs.

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