SOFTBANK announces a partial sale of its holding in cyber communications inc.Sep. 30, 2003
SOFTBANK CORP. announces that its wholly-owned subsidiary, SOFTBANK Media & Marketing Corp. (Head office: Minato-ku, Tokyo; President & CEO: Makoto Okazaki; “SBMM”) will sell a part of its holding in cyber communications inc. (Head office: Chuo-ku, Tokyo; President & CEO: Toshio Arai; “CCI”) in accordance with listing of CCI on Mothers. The number of shares to be sold and offering price was determined today, and approximate gain on sale of such shares fixed.
SBMM will sell 40,000 shares of CCI in a secondary offering, and the offering price less offering-related cost was set at 192,045 yen per share. As a result, aggregate proceeds from the sale will be approximately 7.7 billion yen, and gain on sale of investment securities of approximately 7.0 billion yen is expected to be recognized in the 3rd quarter of the fiscal year 2004. The delivery date is scheduled to be October 14, 2003. Although SBMM’s stake in CCI is expected to decrease from 42.7% to 26.7% pursuant to the above-mentioned sale and simultaneous public offering by CCI, CCI would remain an equity-method affiliate of SOFTBANK CORP.
Proceeds from the above-mentioned sale will be allocated for the broadband business, which SOFTBANK as a group is rapidly developing, and other business.
For your reference
SOFTBANK Media & Marketing Corp.
|Head office||4-13-13 Akasaka, Minato-ku, Tokyo|
|Capital||1,300 mil. yen|
|Representative||Makoto Okazaki, President & CEO|
cyber communications inc.
|Head office||5-5-12 Tsukiji, Chuo-ku, Tokyo|
|Capital||1,974 mil. yen|
|Representative||Toshio Arai, President & CEO|
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