First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.
Sony Financial Holdings shares debut in Tokyo
- — 11 October, 2007 14:51
Trading of shares in Sony Financial Holdings, the financial arm of Sony, began on the Tokyo Stock Exchange on Thursday morning as the company completed Japan's largest initial public offering of the year to-date.
The shares began trading at 9:20a.m. local time (12:20a.m. GMT) at YEN 420,000 (AU$3.980), a 5 percent rise on the offer price of YEN 400,000. During the morning session the shares hit a high of YEN 424,000 before sliding back to YEN 416,000 when the morning trading session ended at 11a.m.
Sony hasn't disclosed what it plans to do with the roughly YEN 290 billion (US$2.5 billion) it raised through the sale of the 725,000 shares.
Sony Financial Holdings itself raised about YEN 30 billion from a primary offering of an addition 75,000 shares. Half of the money will be invested in a joint-venture it has formed with European insurance company Aegon and half in computer systems within the financial services group.
Sony Financial Holdings has under it three main branches: a life insurance company that's active in Japan and the Philippines; a non-life insurance business and Sony Bank, which handles both banking and online trading of securities.
The financial business has enjoyed the highest operating-profit margin of any of Sony's business units since 2005. In the last fiscal year that margin was 13 percent -- way ahead of the 4 percent at the movies business and 3 percent in its electronics sector. It contributed sales of YEN 649 billion to Sony's total YEN 8.3 trillion sales for the year and operating profit was YEN 84 billion, although losses at other divisions meant Sony reported an overall operating profit of YEN 72 billion.