SoftBank again started share buybacks in September

By VARINDIA - 2020-10-16

SoftBank again started share buybacks in September

In September, SoftBank Group resumed its buying back shares by shelling out ¥40.1 billion ($380 million) after suspending in August a multi-billion-dollar program that is proven instrumental in buoying the stock.

 

The conglomerate headed by Masayoshi Son, last month, bought back 6.17 million shares which is a part of the now half-completed 2.5 trillion yen buyback program. The firm halted that in early August, about a month before announcing a deal to sell UK chip designer Arm to NVIDIA Corp. for $40 billion.

 

Group resumed the buying on September 15, the day after unveiling that mega-deal, then bought on every single business day till the final five days of the September quarter, when it’s prohibited from doing so.

 

The stock of the company is at two-decade high and it is bouncing back after a year of coronavirus setbacks and losses at startups such as WeWork. It has more than doubled from its March COVID-19 trough, aided also by plans to offload ¥4.5 trillion in assets -- an effort SoftBank is on track to surpass.

 

It’s so far only spent roughly ¥1 trillion of its envisioned share repurchase amount. As of September, it had used just a fraction of the ¥500 billion it pledged in a program decided on June 25. It also has not launched a ¥1 trillion buyback plan the board agreed upon on July 30. SoftBank acknowledged in July it might not complete the buybacks by its originally scheduled target of March 31, the end of its fiscal year.


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