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Softbank streamlines
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July 15, 1999: 5:04 a.m. ET
Japanese Internet investor shuffles portfolio, stock rockets
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LONDON (CNNfn) - Softbank soared in Tokyo Thursday after the Japanese company unveiled plans to shuffle its portfolio of investments Thursday to more closely concentrate on Internet projects.
Central to these changes will be the sale of its 80 percent stake in California memory module maker Kingston Technology to Kingston's founders for $450 million.
Softbank is also supporting plans by U.S. publisher Ziff-Davis to look for new alliances and partnerships. Softbank owns a majority stake in the publisher of magazines such PC Week and PCMagazine.
The Japanese group's stock, one of the best performers on the Tokyo market in recent months, closed at a new high of 34,800 yen Thursday, up almost 10 percent.
"Softbank's Internet-focused strategy in recent years has served its shareholders well," said President and CEO Masayoshi Son, "We believe we have just scratched the surface of the opportunities afforded by the Internet."
Softbank owns stakes in more than 100 Internet-related companies, and is the largest investor in companies such as Yahoo! (YHOO) And E*Trade (EGRP).
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Softbank
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