Tokyo, Feb 16 (IANS) Japanese telecommunications giant Softbank was up by 15.9 percent on Tuesday at the Tokyo Stock Exchange after starting a buying-back of its securities valued at about $4.37 billion, the largest in its history.
The company announced the buy-back in order to increase the confidence of its investors after Softbank titles fell about 30 percent in 2015, Efe news agency reported.
The company, led by its president Masayoshi Son, had acquired majority stakes in Sprint, the deficit US phone operator, in 2013.
This had greatly affected the performance of the company, which announced last week a sharp fall of 88 percent year on year in its net profit for the October-December period, which was at about $20.1 million.
The acquisition of titles announced by Softbank is equivalent to about 167 million of its common shares (14.2 percent of the total volume put into circulation) and will take place throughout the year.