SoftBank Sells KRW 2.3 Trillion Worth of Coupang Shares

SoftBank sold Coupang shares in three rounds this year. / Photo courtesy of Coupang

[Korea Financial Times, Park seulgi] It has been confirmed that SoftBank disposed of Coupang shares worth approximately KRW 2.3 trillion over three separate transactions between May and August this year.

According to the U.S. Securities and Exchange Commission (SEC) on the 26th, SoftBank sold 20 million Coupang shares on August 20 on the New York Stock Exchange (NYSE) for USD 576.8 million (approximately KRW 800 billion).

Earlier, SoftBank sold 30 million Coupang shares in May for USD 798 million (approximately KRW 1.1076 trillion), and 10 million shares in June for USD 283.1 million (approximately KRW 392.9 billion).

As a result, SoftBank’s stake in Coupang has declined from 32.4% as of December 31, 2021, to 17.4% currently.

In total, the three sales this year amounted to 60 million shares, worth USD 1.6579 billion (approximately KRW 2.3012 trillion).

Meanwhile, for the second quarter of this year, Coupang Inc. reported consolidated revenue of KRW 11.9763 trillion (USD 8.524 billion; quarterly average exchange rate 1,405.02), up 19% from KRW 10.0357 trillion in the same period a year earlier. Operating profit for the period turned positive at KRW 209.3 billion (USD 149 million).

Park seulgi (seulgi@fntimes.com)