SoftBank Group plans to list its mobile phone business and raise some US$18 billion, the Nikkei newspaper said, a spin-off that would complete the Japanese telecoms conglomerate's transformation into a global technology investor.
The parent will sell some 30 per cent of SoftBank. It plans to apply to the Tokyo Stock Exchange for the offering as early as spring, which falls between March and May, and aims to debut the shares in Tokyo and elsewhere, possibly London, around autumn, the newspaper reported, without citing any sources for the information.
The ¥2 trillion (Dh66.1bn) IPO would rival the ¥2.2tn 1987 listing of Nippon Telegraph and Telephone Corporation in size, the Nikkei said, making it one of Japan's biggest initial public offerings.
SoftBank said yesterday that a listing of the business was among the options for its capital strategy, but that a definite decision on the issue was yet to be made.
The listing would aim to give the mobile phone unit more autonomy in a group that has become more of an international investment company in recent years, the newspaper said.
SoftBank would use the proceeds to invest in growth, such as buying into foreign information technology companies, the Nikkei said.
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SoftBank has been aggressively investing in tech companies worldwide, notably through its $98bn London-based Vision Fund, saying last month that a group it leads will buy a large number of shares of Uber Technologies in a deal that values the ride-services firm at $48bn.
“SoftBank’s future will focus less on the mobile-phone business and more on allocating cash to build the world’s largest portfolio of investments in future technologies and business models,” said Erik Gordon, a professor at the University of Michigan’s Ross School of Business.
“It makes sense to spin off the mobile-phone business using a public offering that would leave SoftBank in control and provide SoftBank with more cash to pursue its strategy of investing in companies with potentially high growth prospects,” he said. “It is a way of obtaining capital without adding debt or diluting SoftBank’s equity interests in the growth companies.”
A parent company normally must limit its stake in a subsidiary listed on the TSE First Section to less than 65 per cent, but the requirement can be eased if the unit also lists overseas, the Nikkei said.
Killing of Qassem Suleimani
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Racecard
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6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m
6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m
7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m
7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m
8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m
8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m
10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
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