TOKYO -- SoftBank Group on Friday said it will sell a significant portion of its stake in its Japanese telecommunications unit SoftBank Corp. to domestic and international investors to build up its cash reserves amid the uncertainty caused by the coronavirus outbreak.
SoftBank Group Japan, a wholly owned SoftBank subsidiary, will offer 927 million shares in the mobile unit through brokerage firms. The price of the shares will be determined in September. Their value, based on SoftBank Corp.'s closing price on Friday, reached 1.32 trillion yen ($12.4 billion).
