Rakuten shares weigh on announcement of tax expense from fintech business restructuring
Rakuten Group, Inc. <4755> shares came under pressure. After the close on Oct. 1, the company announced that its fintech business reorganization took effect that day, with Rakuten Card and Rakuten Securities Holdings becoming subsidiaries of Rakuten Bank, Ltd. <5838>. As part of the restructuring, Rakuten Card transferred its shares in Rakuten Payment and other assets, generating a gain on sale. As a result, Rakuten expects to record about 23 billion yen in corporate tax expenses in its consolidated financial results for the third quarter (July-September) of the fiscal year ending December 2026, weighing on the stock.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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