Softbank unit to list on Tokyo board


Softbank founder Masayoshi Son remains bullish on the business potential of the Internet, particularly broadband

TOKYO, Japan -- Softbank Investment Corp, a unit of Japan's largest Internet investor, Softbank Corp, said it will list on the Tokyo Stock Exchange on February 15.

Softbank Investment, owned 83 percent by Softbank Finance Co, will keep its listing on Nasdaq Japan, the start-up section of the Osaka Securities Exchange.

Softbank Finance, itself a wholly owned subsidiary of Softbank Corp, will sell 50,000 shares in Softbank Investment on the day of the listing, the Tokyo Stock Exchange said.

The sale price will be set some time between February 1 and 5.

At Monday's closing price on Nasdaq Japan, the sale would bring in 12.55 billion yen ($94.5 million) before commission fees and other charges.

Softbank founded in 1981

The Softbank group was founded in 1981 by Masayoshi Son, who became Japan's leading advocate of the business potential of the Internet in the late 1990s.

In recent months he has focused on broadband as a key driver of growth for the group and its partners.

Softbank closed Tuesday at 2125 yen, down 110 yen or 4.9 percent on a day when the benchmark Nikkei 225 index lost 2.2 percent.

Softbank Investment's main business includes the management of venture capital funds and venture capital incubation.

Fall in profit

Softbank Investment said Monday its group net profit for October-December fell 96.2 percent from the same quarter the previous year to 276 million yen ($2.08 million), as returns on its venture capital investments continued to plunge.

The venture capital firm also forecast a 75.5 percent decline in group net profit to 2.0 billion yen for the full year ending on September 30.

Softbank Investment posted a net profit of 8.16 billion yen for the year ended last September despite a 55.2 percent decline in revenue, due to hefty capital gains on the sale of shares in U.S. venture companies.

Softbank group member Softbank Commerce Corp, an e-commerce service provider, on Monday withdrew its application for listing on Nasdaq Japan.

Softbank Commerce, which had received approval for the listing from the OSE in August, had already postponed a planned September 2001 listing after the stock market plunged.

It said that it was withdrawing its application after considering the long-lasting slump in the stock market, but would aim to apply again at a more opportune time.

Reuters contributed to this report.