Rakuten Group Inc. looks set to report on Friday a narrower loss in the April-June quarter, which would shore up confidence in its ability to pay bonds due through next year.
The focus is on billionaire founder Hiroshi Mikitani’s efforts to turn around his four-year-long foray into the saturated mobile market without a single profitable quarter. Investors are also seeking clarity on the Japanese online shopping mall operator’s delayed plan to combine its profit-churning financial arms.
Rakuten is preparing for about ¥500 billion worth of bond redemptions through 2025. The company began talks in April with Rakuten Bank Ltd., in which it holds a 49-percent stake, about ways to combine the group’s financial businesses under one umbrella. But that plan has been delayed, due to regulatory issues and a push to protect minority shareholders.
Rakuten said on Thursday its subsidiary Rakuten Mobile Inc. will raise between ¥150 billion to ¥300 billion in funds with a consortium of global infrastructure investors led by Macquarie Asset Management, according to a statement.
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