The announcement of the sale of its shares held in Tao Bao Holding LimitedOct. 24, 2005
SOFTBANK CORP. (“the Company”) today announced that SB TB Holding Limited (head office: Cayman Islands, representative: Kazuko Kimiwada), the Company’s wholly-owned subsidiary, sold a portion of its shareholdings in Tao Bao Holding Limited (head office: Hong Kong, representative: Jack Ma,), the company’s consolidated subsidiary.
This is the scheduled transaction based on the announcement of Strategic Partnership for Internet Business in China, announced on August 11, 2005. With this sale of shares Tao Bao will be excluded from the scope of consolidation of the Company.
1. Outline of sale
|(1) Number of Shares sold||4,500,000 shares|
|(2) Sale price||360 million US dollars (Approximately 41.7 billion yen, converted at 115.98 yen to a dollar)|
|(3) Purchaser||Yahoo! Inc. (California, U.S.A., representative: Jerry Yang)|
2. Impact on consolidated financial results
The Company estimates the above-mentioned sale of shares will contribute approximately 40.6 billion yen to consolidated net income in the 3rd quarter for the fiscal year ending March 31, 2006.
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