Sony Group (TYO:6758) said the Tokyo Stock Exchange has approved the listing of its financial arm, Sony Financial Group, following a spin-off, effective Oct. 1, according to a Monday filing on the Tokyo Stock Exchange.
Sony shareholders will receive SFGI shares as dividends in kind, with ADR holders set to get unsponsored SFGI ADRs via JPMorgan.
Sony will retain just under 20% of SFGI, which will no longer be a consolidated subsidiary. SFGI also plans a share repurchase facility of up to 100 billion yen starting Sept. 29.