Japanese Internet and telecom giant Softbank Corp. said Wednesday that it expected a 55 billion yen (507 million dollar) profit boost from the flotation of Chinese website Alibaba.com.

Softbank holds a 33 percent stake in Alibaba Group Holdings Ltd, the holding company for Alibaba.com, whose shares soared on their debut in Hong Kong earlier this month.

The profit from the initial public offering will be booked in the third fiscal quarter to December, Softbank said in a statement.

Softbank is the parent company of Japan''s third-largest cellphone carrier, Softbank Mobile, which it bought from Vodafone of Britain in 2006, and of the broadband Internet service provider Yahoo Japan Corp.

Founded by Masayoshi Son, one of Japan''s richest people, the sprawling Softbank group has expanded by buying stakes in hundreds of companies.


Source:AFP