arm
Despite the volatile and fragile global credit markets, Sony,
the consumer and electronics group sold off almost half of its
financial services arm for a public offering of $3bn last month –
Japan’s largest IPO this year.
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The flotation of Sony Financial Holdings – which includes Sony
Life Insurance, Sony Assurance and Sony Bank, the financial
services provider that also offers leasing – is part of Sony Corp’s
strategy to refocus on its core electronics business. Sony’s stake
in the finance company reduced from 100 per cent to 60 per
cent.
As a result of the IPO, the shares of Sony Financial Holdings
rose by 4 per cent in early October, closing at £1,767 (415,000
yen) on October 11, after a high of £1.805 (424,000 yen) and
analysts say that stock prices should keep rising, predicting an
average of £1.873 (440,000 yen).
Sony Financial Holdings accounted for 9 per cent of Sony’s group
revenue in the year ended March 2007, and forecasts a net profit of
£ 66m (15bn yen) for year-ending March 2008.
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By GlobalData
