Cybersecurity
SoftBank and Naver to Sell Down Stake in Japan’s Line App
- Move aims to raise LY’s liquidity to meet listing requirements
- LY’s capital structure in focus on cybersecurity concerns
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A Holdings Corp., a holding company owned equally by Japan’s SoftBank Corp. and South Korea’s Naver Corp., plans to sell down its stake via LY Corp.’s ¥150 billion ($1 billion) tender.
The move is designed to raise the proportion of LY’s tradable shares to 35% or above, a requirement to remain listed in the Tokyo Stock Exchange’s Prime Section. LY would buy back up to 5.13% of its outstanding shares from A Holdings at ¥388 per share, SoftBank said in a statement Friday.