RIYADH: Japanese multinational conglomerate holding company SoftBank Corp. has borrowed 100 billion yen ($870 million) using shares of its subsidiary Z Holdings Corp. for stock lending purposes.
Softbank is using an estimated 361 million shares, representing 4.8 percent, of Z Holdings, Bloomberg reported, citing Makiko Ariyama, a spokesman of the firm.
Who the money is being lent to, is yet to be disclosed.
The stock lending poses a way for Softbank to diversify its finances.
This comes amid growing regulatory scrutiny, and the recent collapse of Softbank’s $40 billion deal to sell chip designer Arm to Nvidia, according to CNBC.
Softbank indirectly owns Z Holdings through A Holdings Corp, which is a joint venture between the Japanese firm and South Korean internet conglomerate company Naver Corp.
