Sony Corporation Acquires a Portion of the Common Stock of Sony Financial Holdings Inc.
Tokyo - On August 17, 2016, Sony Corporation ("Sony") acquired an additional interest in the common stock of its subsidiary, Sony Financial Holdings Inc. ("SFH"), and today submitted a Bulk Shareholding Report.
The goal of the acquisition is to increase the corporate value of SFH and the entire Sony Group by strengthening the relationship with SFH. The decision to acquire the shares was made after taking into consideration a variety of factors, including the effect the acquisition will have on increasing net income attributable to Sony's stockholders and trends in the market.
As a result of the acquisition, Sony's ownership of SFH has increased to 62.1% from 60.0%. The price of the shares of SFH that Sony acquired was approximately 13.5 billion yen.
Sony believes that it is preferable for SFH to continue to maintain its status as a listed company to facilitate transparency in its management and to maintain independent access to financing given the particular characteristics of the financial businesses it operates.
No material impact is anticipated on Sony's forecast for its consolidated financial results for the fiscal year ending March 31, 2017.
The goal of the acquisition is to increase the corporate value of SFH and the entire Sony Group by strengthening the relationship with SFH. The decision to acquire the shares was made after taking into consideration a variety of factors, including the effect the acquisition will have on increasing net income attributable to Sony's stockholders and trends in the market.
As a result of the acquisition, Sony's ownership of SFH has increased to 62.1% from 60.0%. The price of the shares of SFH that Sony acquired was approximately 13.5 billion yen.
Sony believes that it is preferable for SFH to continue to maintain its status as a listed company to facilitate transparency in its management and to maintain independent access to financing given the particular characteristics of the financial businesses it operates.
No material impact is anticipated on Sony's forecast for its consolidated financial results for the fiscal year ending March 31, 2017.
End of document
Posts
No comments: