Japan's Softbank aims to raise stake to 40 percent in Chinese Internet company
By SHINO YUASA
Associated Press Writer
Japanese Internet services and telecommunications company Softbank said Wednesday it hopes to boost its stake to 40 percent in a major Chinese Internet company for a total investment of 40 billion yen (US$385 million, euro247 million), eyeing booming demand in the country.
Softbank already bought a 14 percent stake in Oak Pacific Interactive for 10 billion yen (US$96 million, euro62 million) earlier in the month and has obtained the right to raise its stake to 40 percent, a company spokesman said.
It has not made any formal offer to increase its stake.
"It is part of our business expansion in China," said the spokesman, who declined to be named, citing company policy. China's Oak Pacific Interactive has 22 million users.
China's population of Internet users rose to 221 million in February, possibly tying the United States as the world's largest, the official Xinhua News Agency said last week, citing government data.
Softbank, founded by Internet tycoon Masayoshi Son, has expanded through a series of acquisitions, and is seen as rivaling Japan's old-styled telecoms that were once government monopolies.
Softbank's entry into Japanese broadband services and telecommunications has helped bring down prices here.
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