Softbank to sell Sky Perfect shares
Internet investor may be eyeing Internet broadcasting
By Mariko Ando, CBS.MarketWatch.com
Last Update: 10:16 PM ET Sep 17, 2000 NewsWatch
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TOKYO (CBS.MW) - Japan's top Internet investor Softbank Corp. is likely to sell about a quarter of its stake in Sky Perfect Communications, a leading Japanese commercial satellite broadcaster, media reports said Monday.
Softbank, which holds a 9.9 percent in the broadcasting firm, will sell 45,000 of its 182,000 shares in the company in late October when Sky Perfect lists on the Tokyo Stock Exchange's Mothers market, the Nihon Keizai daily reported.
A Softbank spokeswoman declined to comment on the reason behind the move, but the company is reportedly aiming to shift more of its attention to the Internet broadcasting business.
The Tokyo Stock Exchange is expected to announce its approval of Sky Perfect's listing on Monday, the paper said.
Sony Corp. (SNE: news, msgs), Fuji Television Network Inc., Itochu Corp. (ITOCY: news, msgs) and Australia's News Corp. (NWS: news, msgs) each hold 9.9 percent of Sky Perfect.
Softbank's shares dropped 5.9 percent, or 680 yen, to 10,800 by late morning Tokyo. |
