Sony Group Corp (NYSE:SONY) will on Thursday present plans for the growth of its financial unit, ahead of a spin-off set for September.
According to Reuters, the group will distribute just over 80% of Sony Financial Group shares to investors via dividends in kind, retaining a stake of just under 20%.
The move marks Japan’s first partial spin-off under 2023 tax reforms and the first direct listing in more than 20 years.
Sony said separating its financial and non-financial units would improve capital efficiency and clarify business objectives.
The spin-off follows Sony’s 2020 buyout of the unit for $3.7 billion. The financial division includes insurance and banking.