SoftBank Group (SBG) said that it would sell or monetize up to JPY4.5 trillion ($41 billion) of assets held by SBG and repurchase up to JPY2 trillion ($18 billion) of SBG common stock with the balance to be used for debt redemptions, bond buybacks and increase cash reserves.

The transactions will be executed over the next four quarters. The newly authorized program is in addition to the JPY500 billion share repurchase program SBG announced on March 13, 2020.  Currently, SBG has more than JPY 27 trillion ($245 billion) of assets and JPY 1.7 trillion ($15 billion) of cash on its balance sheet.

“This program will be the largest share buyback and will result in the largest increase in cash balance in the history of SBG, reflecting the firm and unwavering confidence we have in our business,” said Masayoshi Son, chairman and chief executive officer of SBG.

“This will allow us to strengthen our balance sheet while significantly reducing debt.   Moreover, the monetization of assets represents less than 20 percent of the Company’s current asset value.” – TradeArabia News Service