On Friday, in a statement SoftBank Group Corp stated, it will be buying up to 7% of its shares for as much as $4.77 billion (500 billion yen).

The buyback program, which will commence from Monday will continue over a year.

SoftBank disclosed the info in a press release through the Tokyo Stock Exchange.

Softbank’s shares have slid more than 6% in early trading to 3,700 yen even as the Tokyo stock market marched south on concerns over the economic impact of China’s coronavirus which has become pandemic.

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