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SoftBank : to increase Alibaba stock sale to $8.9 bil.

by June 2, 2016 General

Japan’sSoftBank Group Corp. said Thursday it will sell an additional $1 billion worth of its stake in Chinese e-commerce titan Alibaba Group Holding Ltd., bringing the total amount of the sale to $8.9 billion.The Japanese telecommunications company said it increased the amount of the share sale as demand exceeded its previous estimate. The company kept unchanged its earlier projection that its stake in Alibaba will decrease to about 28 percent from the current 32.2 percent.SoftBank also announced the details of the sale including its decision to sell part of its stake to a wholly owned subsidiary of Singapore’s sovereign wealth fund Temasek Holdings Pvt. Ltd.SoftBank, which will remain the largest shareholder of Alibaba even after the latest sale, said Wednesday it would sell $7.9 billion of shares in Alibaba to cut its debt and raise capital for other general businesses.==Kyodo© Kyodo News International, Inc., source Newswire