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Article: TSE GREENLIGHTS SONY FINANCIAL HOLDINGS' IPO.
- Article from:
- AsiaPulse News
- Article date:
- September 5, 2007
CopyrightCOPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOKYO, Sept 5 Asia Pulse - The Tokyo Stock Exchange said Tuesday that it has approved Sony Financial Holdings Inc.'s planned initial public offering scheduled for Oct. 11 that is expected to raise up to 361 billion yen (US$3.1 billion), making it this year's largest.
Sony Financial, a 100 per cent subsidiary of Sony Corp. (TSE:6758), is a holding company that has Sony Life Insurance Co., Sony Assurance Inc. and Sony Bank under its umbrella. Sony Financial is set to remain a consolidated subsidiary of Sony, which would see its stake decline to as low as 60 per cent or so after the share offering.
The IPO price will be decided on Oct. 1, but is currently ...