SoftBank Group says it spent $1.35 billion on buybacks in October

SoftBank Group said it spent $1.35 billion repurchasing almost 20 million shares in October, part of a record buyback plan that has pushed the group's share price to near two-decade highs

By Sam Nussey

TOKYO (Reuters) - SoftBank Group Corp <9984.T> said on Monday it spent 139.3 billion yen ($1.35 billion) repurchasing almost 20 million shares in October, part of a record buyback plan that has pushed the group's share price to near two-decade highs.

The repurchases represent a marked escalation from the 40 billion yen spent in September, with the buybacks funded by an asset sale programme that has swelled SoftBank's cash pile.

The Japanese conglomerate reports its quarterly earnings on Monday, with investors awaiting details on SoftBank's plans for the cash as the group regains its confidence following a string of soured investments.

 

(Reporting by Sam Nussey; Editing by Christopher Cushing)