Softbank Corp. said Tuesday its wholly owned subsidiary Japan Telecom Co. has sold all of its shareholdings in eAccess Ltd., a broadband Internet service company, for 18.3 billion yen.
Softbank will use the proceeds from the sale of 166,670 shares to fund the operations of Japan Telecom, a major land-line phone services operator.
With the sale, Softbank expects to book about 2.2 billion yen in securities investment losses in its consolidated earnings report for this fiscal year.
Japan Telecom had been eAccess's leading shareholder, with a stake of about 13 percent.