Soft­Bank Pres­i­dent to buy $480m of com­pany's shares

The Pak Banker - - COMPANIES/BOSS -

Soft­Bank Group Corp Pres­i­dent Nikesh Arora said he is buy­ing about 60 bil­lion yen ($483 mil­lion) worth of the com­pany's shares over the next six months, call­ing it a show of "com­mit­ment" to his em­ployer.

"I have de­cided to take a per­sonal bet on the Soft­Bank Group and en­sure an align­ment of vi­sion with our founder, Chair­man and CEO Masayoshi Son," Arora said in a press re­lease from Soft­Bank.

Arora plans to buy the shares in the open mar­ket. At the clos­ing price of 7,477 yen on Wed­nes­day in Tokyo his cash would buy just over 8 mil­lion shares, for a 0.69 per­cent stake in Soft­Bank, mak­ing him the sec­ond big­gest in­di­vid­ual in­vestor af­ter Son, who wel­comed the in­vest­ment from his anointed suc­ces­sor.

"I ex­pect him to suc­ceed me at the ap­pro­pri­ate time," Son said in the press re­lease.

Arora be­came the pres­i­dent and chief op­er­at­ing of­fi­cer at Soft­Bank in May as the Ja­panese com­pany looked to step up its over­seas ex­pan­sion and bat­tled to make its $ 20 bil­lion 2013 ac­qui­si­tion of US car­rier Sprint Corp prof­itable amid in­tense com­pe­ti­tion with larger US ri­vals AT& T Inc and Ver­i­zon Com­mu­ni­ca­tions Inc.

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