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SoftBank sees up to $2.4 billion profit on Alibaba share sale this business year
A worker at an electronics store steps opens a door printed with the logo of Softbank Corp, Japan's third-biggest wireless carrier, in Tokyo October 29, 2008.
Reuters/Kim Kyung-Hoon/File Photo
SoftBank Group Corp said on Wednesday it expects to book a profit of between 200 billion yen and 250 billion yen ($1.9 billion-$2.4 billion) this financial year on the sale of its shares in Alibaba Group Holding Ltd.
The company said this month that it plans to sell $10 billion worth of Alibaba shares to cut interest-bearing debt, reducing its stake in the Chinese e-commerce giant to around 27 percent from 32.2 percent.
(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)
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