SoftBank sees up to $2.4 billion profit on Alibaba share sale this business year

Reuters News
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Posted: Jun 15, 2016 3:47 AM

TOKYO (Reuters) - SoftBank Group Corp said on Wednesday it expects to book a profit of between 200 billion yen and 250 billion yen ($1.9 billion-$2.4 billion) this financial year on the sale of its shares in Alibaba Group Holding Ltd.

The company said this month that it plans to sell $10 billion worth of Alibaba shares to cut interest-bearing debt, reducing its stake in the Chinese e-commerce giant to around 27 percent from 32.2 percent.

(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)