TOKYO, June 24 (Reuters) - SoftBank Group Corp's
founder and Chief Executive Masayoshi Son on Friday reiterated
the Japanese conglomerate was most likely to list British-based
chip designer unit Arm on Nasdaq, while stressing no decision
has been made.
"Most of Arm's clients are based in Silicon Valley and ...
stock markets in the U.S. would love to have Arm," Son told
shareholders at the company's annual general meeting.
Son said there were also requests to list Arm in London
without elaborating on where they came from. The entrepreneur
did not say whether the conglomerate is considering a secondary
listing for Arm there.
The billionaire spent much of his presentation emphasising
the business prospects for Arm, which the company has pivoted to
listing following the collapse of an agreed sale to Nvidia
.
The Cambridge-based firm was listed in Britain with a
secondary listing in the United States prior to its acquisition
by SoftBank in 2016 for $32 billion.
Arm is an important source of capital for SoftBank, which
has borrowed $8 billion against the unit's shares, in addition
to procuring $13.2 billion using shares in Chinese e-commerce
giant Alibaba Group Holding Ltd in prepaid forward
contracts.
Son is under pressure from shareholders as valuations of the
high-growth stocks he favours as investment targets fall and
interest rates rise, with SoftBank's Vision Fund unit reporting
a record loss in May.
SoftBank's shares have fallen by around a third since last
year's annual general meeting. Son called on shareholders to
take the long view on the company.
"Peaches and chestnuts take three years and persimmons take
eight years, even fruit takes that long," Son said, quoting a
Japanese proverb. "I'm confident if you wait five to 10 years
there will be something delicious."
More than 40 years after founding the company, Son asserted
his continuing fitness for his role as one of Japan's highest
profile business leaders, joking that even if he can no longer
drive as far on the golf course, he still isn't losing games.
"I'm still full of enthusiasm, confidence and dreams," the
64-year-old told shareholders.
"It's only my hair that's in retreat," Son said.
(Reporting by Sam Nussey; Editing by Kenneth Maxwell)