SoftBank to book $34bn gain by cutting Alibaba stake to 14.6%

TOKYO: SoftBank Group Corp. on Wednesday said it will book an estimated gain of 4.6 trillion yen ($34.08 billion) on settling prepaid forward contracts using shares in Alibaba Group Holding, reducing its stake to 14.6 percent from 23.7 percent.

SoftBank on Monday booked a record quarterly net loss due to sliding valuations at its Vision Fund investment arm, with Chief Executive Masayoshi Son pledging to further reduce investment activity and cut costs.