ARCHIVE PHOTO: A woman using a cell phone passes the SoftBank Corp logo in Tokyo, Japan, December 18, 2014. REUTERS / Toru Hanai / Stock photo
TOKYO (Reuters) – SoftBank Group announced on Friday that its planned sale of 5% in its domestic telecommunications company SoftBank Corp would take 310.2 billion yen ($ 2.9 billion) as part of a program to raise $ 41 billion from the sale of assets.
The Japanese company announced the day before that it would sell 240 million shares in the subsidiary, leaving a 62.1% stake in Japan's third largest mobile operator.
SoftBank needs money for a record buyback, in order to support its share price, as its technology investments decline.
Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman