TOKYO : Japan's Rakuten Group Inc is finalising plans to raise about $2.2 billion by issuing new shares, according to two people, in the e-commerce company's latest move to shore up its finances after years of losses from its mobile business. Rakuten's board could meet as early as this week to decide on t
TOKYO : Japan's Rakuten Group Inc is finalising plans to raise about $2.2 billion by issuing new shares, according to two people, in the e-commerce company's latest move to shore up its finances after years of losses from its mobile business.
Additionally, Rakuten plans to issue shares to founder and CEO Hiroshi Mikitani and a fund controlled by the entrepreneur, the person said. A Rakuten spokesperson said it was not something it could comment on. The company is considering various options in regards to its finacial position and it was not true that it had decided on anything, the spokesperson said.The sources declined to be identified because the matter has not been made public.
Over the last 3 years, its shares have returned a negative 24 per cent compared to a 54 per cent positive return in the TOPIX when dividends were taken into account.Mikitani had originally planned to build Japan's fourth major mobile carrier, promising to create a low-cost nationwide network by using cloud-based software and commoditised hardware.
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