Line app operator announces buyback; SoftBank, Naver voting rights to fall

Line app operator announces buyback; SoftBank, Naver voting rights to fall

FILE PHOTO: A general view of the Naver sign on its office building in Seongnam, South Korea, May 13, 2022. REUTERS/ Heo Ran/File Photo

Japan’s LY Corp, the operator of the Line messaging app, announced a share buyback on Friday that will lower the voting rights of heavyweight joint stakeholders SoftBank Corp and South Korea’s Naver.