Japan based investment management firm Softbank Group Corp. (TYO: 9984) announced having sold its stake in South Korea based e-commerce company Coupang Inc. (NYSE: CPNG) worth $1 billion.
Regulatory filings with the United States Securities and Exchange Commission (SEC) show that, Softbank sold its stake through its investment vehicle vision Fund which sold 50 million Coupang shares with each share going for $20.87.
Following this sale, the Japanese investor now remains with a 461.2 million shares investment in Coupang. Back in September, Softbank made another sell of Coupang shares worth $1.69 billion for $29.69.
In recent times, Softbank has been reducing its stakes in listed companies as it capitalizes investing through the second Vision Fund and share repurchases in a $9 billion programme. The company’s shares have declined by almost 20% since the beginning of the year.