Rakuten Group has announced that it will sell some of its shares in its subsidiary, Rakuten Bank, in overseas markets. The sale price is about 700 billion yen by simple calculation, and the aim is to improve the financial results of the Group, which continues to lose money due to the slump in the mobile phone business.
Rakuten Group announced on June 6 that it will sell some of its shares in its subsidiary, Rakuten Bank, in overseas markets.
The company plans to sell 15.2550 million shares, which is approximately 700% of the issued shares, and the sale price will be about 4 billion yen if the planned number of shares is simply calculated based on the most recent share price.
The Rakuten Group posted a final loss for the fourth consecutive year until last year, mainly due to the increasing investment in the construction of base stations in the mobile phone business, and the final loss for the period from January to September was approximately 1 billion yen.
In addition, from next year, the company is preparing to redeem a large amount of corporate bonds issued for the maintenance of base stations, and the company says that the funds raised from this share sale will be mainly used for early repayment of corporate bonds.
Last month, Rakuten Group agreed to receive additional investment from Mizuho Financial Group in its subsidiary Rakuten Securities, and has launched a series of measures to raise funds, and how to pave the way for monetization and financial improvement of the mobile phone business continues to be an issue.