Japan’s SoftBank Corporation says it is holding negotiations with Naver to review their capital relationship with regard to Line Yahoo(LY) Corporation, a 50-50 joint venture between the two companies. 

SoftBank CEO Junichi Miyakawa said in a briefing on Thursday that LY Corporation had announced the previous day that it will successively terminate its offshoring ties with Naver. 

He said that at LY Corporation’s request, SoftBank is negotiating with Naver on reassessing their capital relationship. 

He was quick to add, however, that no agreements have been reached at the present time, saying the company will swiftly disclose any further developments. 

Miyakawa’s remarks come a day after LY Corporation CEO Takeshi Idezawa said LY is requesting its majority shareholder Naver to change its capital ties.