4/12, 11:26 PM (Source: TeleTrader)
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SoftBank reportedly selling most of its stake in Alibaba

SoftBank Group Corporation is in the process of selling the majority of its stake in Alibaba Group Holding Ltd., the Financial Times reported on Wednesday, citing regulatory filings sent by post to the United States Securities and Exchange Commission (SEC).

The Japanese company has sold approximately $7.2 billion worth of Alibaba shares through prepaid forward contracts since the start of the year. Following the completion of the sale, SoftBank's stake in Alibaba, which was 34% at its high, will stand at around 3.8%.

"We are bolstering our financial stability by increasing our liquidity on hand by raising cash," SoftBank told FT and added it plans to disclose the additional amount it raised from Alibaba shares in its upcoming earnings report.

Baha Breaking News (BBN) / NP