SoftBank CEO, planning new tech fund, to attend Saudi forum: sources

This post was originally published on this site
© Reuters. FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo© Reuters. FILE PHOTO: Japan’s SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo

By Saeed Azhar, Stanley Carvalho and Stephen Kalin

DUBAI/ABU DHABI/RIYADH (Reuters) – SoftBank Group Corp (T:) founder and CEO Masayoshi Son will attend an investment conference in Saudi Arabia next week, two people familiar with the matter said, as the Japanese company seeks to raise funds for a second technology fund.

Attending the Saudi Future Investment Initiative (FII) on Oct. 29-31 could offer Son a chance meet delegates from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, major investors in Softbank’s first $100 billion technology fund.

Riyadh’s Public Investment Fund (PIF) contributed $40 billion to the Softbank Vision fund and Abu Dhabi’s Mubadala committed $15 billion.

Mubadala has said it was considering investing in Softbank Vision 2 and sources have said PIF held talks on the issue, but neither have announced any decision.

SoftBank was not immediately available to comment on the visit by Son, who also travelled to the kingdom last year.

SoftBank Group agreed on Tuesday to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment in the office-space sharing startup that has racked up losses.

PIF and Mubadala have not commented on Softbank’s bailout of WeWork. Sources close to the two funds said they were not too concerned about the WeWork investment, saying the two funds were focused on all 80 or so firms the Softbank vehicle invests in.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment