5/18/2020, 2:48 AM (Source: TeleTrader)
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SoftBank reveals $4.7B share buyback, Jack Ma's departure

SoftBank Group Corp. announced on Monday that it will look to buy back 135 million shares, or 6.7% of the total number of shares issued excluding treasury stock, from May 18, 2020, to March 31, 2021.

The maximum amount that will be allocated for the repurchase stands at ¥500 billion ($4.66 billion).

Furthermore, the Japanese conglomerate revealed that Alibaba co-founder Jack Ma will resign from Softbank's board during the Annual General Meeting of Shareholders on June 25, 2020, while Senior Vice President, Chief Financial Officer and Chief Information Security Officer Yoshimitsu Goto will be appointed to the board on the same occasion.

Breaking the News / MS