TOKYO -- Shares of SoftBank Group have gained for three consecutive days, hitting 6,033 yen on Wednesday, up 3.2% from Tuesday's close.
The Japanese telecom giant on Tuesday announced the departure of President Nikesh Arora, effective Wednesday. Though some are concerned about possible management confusion, the shares are trading steadily so far, as expectations grow among investors for changes in the company's operations. Chairman Masayoshi Son reportedly said he would remain in his position for the next five to 10 years.
For the past nine months or so, the Japanese company has gained a total 2 trillion yen ($19.2 billion) from selling its stakes in businesses including China's Alibaba Group Holding, Japanese gaming business GungHo Online Entertainment and Supercell, a Finnish mobile game provider.
Norihiro Fujito at Mitsubishi UFJ Morgan Stanley Securities said that investors are buying SoftBank shares on expectations that Son will make some dramatic decisions on investment.
(NQN)
