Japan telecom SoftBank Corp CEO sees Elliott investment as 'positive'

Japanese telecom SoftBank Corp's CEO Ken Miyauchi on Friday welcomed hedge fund Elliott Management's investment in parent SoftBank Group Corp saying the activist investor's assessment of the stock as undervalued was"positive".

SoftBank Group's shares, which company executives think are chronically undervalued, closed up 7per cent on Friday after reports of the Elliott investment. Japan's third-largest telecom, SoftBank Corp has pledged to pay out 85per cent of its net income as dividends, providing a steady stream of cash to parent SoftBank Group, which holds a 67per cent stake. As such, SoftBank Corp has become a popular stock for yield-hungry Japanese retail investors.

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