Tokyo
The buybacks, funded by a major asset sale programme, are part of a record up to 2.5 trillion yen undertaking by SoftBank, which spent 61 billion yen buying back its shares in May, compared with 235 billion yen in April.
“Market sentiment was strong for its underlying holdings so SoftBank may have decided to keep some powder dry,” said Kirk Boodry, analyst at Redex Research.
SoftBank Chief Executive Masayoshi Son is trying to stabilise the group, which has been hit by underperformance at some of its biggest technology investments.
The group’s earnings were reported in May, where its $100 billion Vision Fund reported a 1.9 trillion yen operating shortfall, pushing SoftBank to a record full year loss.
The company’s buybacks have caused concern at credit rating agencies, with S&P Global Ratings saying on Thursday it puts SoftBank’s financial rigour in question.
SoftBank’s shares, which have gained around 90% from their March lows, closed down 2.2% on Friday.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android