Softbank soon to announce 10-T.-yen tech fund
May 21, 2017
Tokyo- Softbank Group Corp. will shortly announce the launch of its planned 10-trillion-yen fund for investment in cutting-edge technologies such as the so-called Internet of Things, informed sources have said.
Ahead of the launch, Softbank Chairman and Chief Executive Officer Masayoshi Son is now on a visit to Saudi Arabia.
Last October, the Japanese company and a state-affiliated fund in the Middle East nation signed a memorandum of understanding on the planned fund. Softbank and the Saudi side are expected to contribute 25 billion dollars and 45 billion dollars, respectively, to the Softbank Vision Fund over the next five years.
On Thursday, Japanese electronics maker Sharp Corp. which is rebuilding its operations under major Taiwanese contract electronics manufacturer Hon Hai Precision Industry Co., announced its plan to offer up to one billion dollars to the fund.
Other contributors will include Hon Hai, also known as Foxconn Technology Group, and US technology giants Apple Inc. and Qualcomm Inc. (Jiji Press)
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