The Japanese company, Soft Bank Group, intends to sell its shares in the American company T-Mobile in order to reduce debts and expand share buybacks.
According to Al-Bayan, the group stated that it would sell up to 198.3 million shares, valued at $ 20.8 billion, in the telecom company.
The move is part of the Japanese group's plan to sell assets worth 4.5 trillion yen ($ 42 billion) to buy back its shares and reduce its debt in support of its share price.
The group stated that in terms of the current situation, where there is fear of a second and third wave of Covid-19 outbreak, the group believes that it needs additional enhancement of its cash reserves. < / p>
Last month, the group announced a net loss of 1.44 trillion yen in the first quarter of this year due to investment losses and the Covid-19 pandemic.
The group said that the Saudi-Japanese Vision Investment Fund, which focuses on technology startups, incurred an investment loss of 1.8 trillion yen, mainly due to the outbreak of the Corona virus.
