SoftBank has stopped working on a London initial public offering for chip designer Arm

It is done because of political upheaval in the British government, the Financial Times reported

U.K. Prime Minister Boris Johnson resigned as leader of the Conservative Party earlier this month

Ministers who the FT said had important roles in discussions with SoftBank have also stepped down

That has led to SoftBank putting talks on hold, the report said, citing people briefed on the matter

The FT reported SoftBank was considering a dual primary listing in New York and London

The Japanese technology investor acquired Arm in 2016, and decided to take the company public after its deal to sell Arm to Nvidia was blocked

SoftBank’s shares in Tokyo rose 1% on Tuesday. When contacted by CNBC, SoftBank and Arm both said they had no comment