TOKYO (June 1): SoftBank said Wednesday it will sell at least US$7.9 billion ($10.9 billion) worth of its stake in Chinese e-commerce giant Alibaba, as the Japanese firm looks to pay down a whopping debt load.

The mobile carrier, led by colourful billionaire Masayoshi Son, first invested in Alibaba in 2000, which has since ballooned into what is now considered to be the world's biggest online retailer.

In recent years, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its US$16 billion purchase of US-based mobile giant Sprint.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook