Sony to Spin Off Financial Unit, Distribute SFGI Shares to Investors
MT Newswires Live
Sep 03
Sony Group (TYO:6758) approved the execution of a partial spin-off of its financial services arm, Sony Financial Group Inc (SFGI), effective Oct. 1, according to a Wednesday filing on the Tokyo Stock Exchange.
Shareholders of record on Sept. 30 will receive one SFGI share for each Sony share held, distributed as a dividend in kind. The carrying value of the distribution is estimated at 465.2 billion yen, or 77.61 yen per share.
SFGI shares are expected to list on the Tokyo Stock Exchange on Sept. 29, with trading commencing ahead of the Oct. 1 distribution. After the spin-off, Sony will retain just under 20% of SFGI, which will shift from a consolidated subsidiary to an equity-method affiliate.
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