Sony Group (TYO:6758) provided details on the proposed partial spinoff of its financial services business, Sony Financial Group (SFGI), in a Wednesday filing with the Tokyo Stock Exchange.
The Japanese conglomerate plans to distribute slightly more than 80% of Sony Financial shares to shareholders through dividends in kind, with Sony retaining less than 20% of SFGI.
The spin-off will be carried out through a direct listing of SFGI on the Prime Market of the Tokyo Stock Exchange.
The listing date is expected to be Sept. 29, while the dividend distribution is scheduled for Oct. 1.
Sony first announced the spinoff and listing plans for SFGI in February.
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