SoftBank's Masayoshi Son raises stake, can now block special resolutions

SoftBank Group Chief Executive Officer Masayoshi Son’s stake in the company has risen to 34 per cent — a key threshold that gives him more control.

Son now owns 34.2 per cent of the tech investment giant, up from 32.2 per cent as of the end of September, the company said.

A shareholder in a Japanese company with more than a one-third stake is able to block special resolutions brought by other investors at shareholder meetings.
 

Son’s stake has grown in percentage terms as a result of a recent series of massive share buybacks, a SoftBank spokesperson said.
 

Hit hard by steep share price declines in its portfolio companies and a regulatory crackdown by Beijing on Chinese tech companies, SoftBank has launched a series of large buybacks.
 

“It’s a good thing for shareholders in general. This (higher stake) is another reason for Mr. Son to work even harder to drive the company’s growth,” Ichiyoshi Asset Management director Mitsushige Akino said. “If things are the other way around and he was shedding his stake, that would not be very good.” reuters