SoftBank plans to raise $41 billion to repurchase shares and reduce debt

Japanese technology giant SoftBank Corp. plans to sell assets worth 4.5 trillion yen ($41 billion) to buy back its shares on a 2 trillion yen and to reduce debt, writes Reuters.

the company’s Shares came under pressure amid investor skepticism about the prospects of investments in startups like Uber and WeWork.

SoftBank will buy up to 45% of its shares in addition to the announced earlier this month its share buyback worth up to 500 billion yen.

Sale of assets will be implemented over the next four quarters. SoftBank did not specify what will be sold.

in Addition to the stock repurchase, the proceeds will be used for repayment of debt, redemption of bonds and increase of cash reserves, reflecting “solid and unwavering confidence,” the founder and head of SoftBank Masayoshi son to the business, said in a statement.