Rakuten Group has announced that it has decided on the price and other conditions of its plan to sell a portion of its shares in its subsidiary Rakuten Bank, and the sale price will be 606.<> billion yen. 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 the 7th that it has decided to sell some of its shares in its subsidiary Rakuten Bank in overseas markets, and has decided on the price and other conditions.
According to this, 1.2470 million shares will be offered at a price of 2455,606 yen per share, for a total sale price of 63.49 billion yen.
Rakuten Group's shareholding ratio will drop from more than 4% before the sale to more than <>% after the sale, but it will become a consolidated subsidiary of the group with substantial management rights.
The company has been in the red for four consecutive years until last year's financial results, mainly due to the increasing investment in the construction of base stations in the mobile phone business, and is preparing to redeem a large amount of corporate bonds from next year.
The funds raised from this share sale will be mainly used for the early repayment of corporate bonds, and financial improvement continues to be an issue.