Japan’s Rakuten plans new share issue to raise around $2.2 bln
Reuters recently reported that Japanese e-commerce giant Rakuten is attempting to raise approximately 300 billion yen ($2.2 billion) by issuing new shares in order to strengthen its financial position after years of losses from its mobile business. Following the announcement, Rakuten's shares rose by 5% in the afternoon before dropping 9%, the largest one-day decrease in three years. Additionally, Rakuten issued shares to its founder and CEO Hiroshi Mikitani and his fund to pay off debt and construct base stations. By the time Rakuten officially confirmed the news at the end of trading the following day, its stock had decreased an additional 5%.0
