Partnership, SoftBank, Foxconn - Current Affairs Questions and Answers

ANSWER: SoftBank

Explanation:
The transaction marks the first sale of Alibaba shares by its largest shareholder since SoftBank began investing in the company in 2000. Japanese telecommunications and internet firm SoftBank Group Corp said it will sell at least $7.9 billion of shares in Chinese e-commerce company Alibaba Group Holding Ltd in order to raise funds to reduce its debt.

• The transaction marks the first sale of Alibaba shares by its largest shareholder since SoftBank began investing in the company in 2000.
• SoftBank’s Alibaba stake will fall to about 28 per cent of the Chinese firm from 32.2 per cent in March.
• Both companies said they would maintain a strategic partnership. SoftBank Chairman and Chief Executive Masayoshi Son will remain a director at Alibaba, while Alibaba Executive Chairman Jack Ma will remain on the board of SoftBank.

ANSWER: SoftBank

Explanation:
Japanese telecom and internet company SoftBank has said it will be splitting into 2 100% owned subsidiaries. Basically, the global business is being separated from domestic operations. Transfers are expected to be complete by December and the move is aimed at making these key business areas future growth drivers. Company’s stakes in US telecom Sprint and China’s Alibaba Group will go to the global subsidiary while domestic operations like Yahoo Japan will go to the other subsidiary.