Business | May 19

Sony Group zeroes in on games, chips with financial unit spinoff

TOKYO, May 19 (Nikkei) - Sony Group will spin off its financial unit to focus resources on entertainment and image sensor operations as the investment burden needed to compete with foreign rivals continues to rise.

The group announced Thursday that it is considering a stock market listing by Sony Financial Group within the next two to three years. Sony Group will maintain a nearly 20% stake in the company, which will continue to operate and provide services under the Sony name.

Thanks to Japan's tax reforms for fiscal 2023, companies can now qualify for tax relief when spinning off a unit as long as they reduce ownership to below 20%. Previously, they had to unwind their entire stake. Sony began considering its current plan in February in light of this change, and is on track to become the first company to take advantage of it. ...continue reading

Source: ANNnewsCH

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