Sony Financial Makes TSE Prime Debut at 205 Yen

Tokyo, Sept. 29 (Jiji Press)–Sony Financial Group Inc. debuted on the Tokyo Stock Exchange’s top-tier Prime section Monday, fetching the first quotation of 205 yen apiece, above the reference price of 150 yen. After rising to as high as 210 yen, the issue ended the morning session at 198.5 yen. With its parent, Japanese electronics and entertainment giant Sony Group Corp., working to concentrate its management resources mainly into its gaming business, Sony Financial hopes to become able to raise funds on its own through the stock listing in order to expand operations. While no new Sony Financial shares will be issued for the Prime debut, Sony Group will provide its own shareholders with one Sony Financial share for each Sony Group share. The scheme will be applied to more than 80 pct of the outstanding Sony Financial shares held by Sony Group. Sony Group will retain a stake of less than 20 pct in Sony Financial, converting the latter into an equity-method affiliate. This is the first time a system is applied in which large companies receive preferential tax treatment when they spin off operations while retaining certain equity stakes in the new entities. Established in 2004, Sony Financial has Sony Life Insurance Co., Sony Assurance Inc. and Sony Bank as core operating units. END [Copyright The Jiji Press, Ltd.]