Sony Communication Network to Go Public By March 2006
Posted on: Wednesday, 27 April 2005, 12:00 CDT
Apr. 27--TOKYO -- Sony Corp. said Tuesday its wholly owned Internet access provider, Sony Communication Network Corp., will go public by the March 2006 end of the current fiscal year.
But Sony plans to keep its stake in SCN above 50 percent. No specific market has been selected for SCN's initial public offering.
Sony became the first Japanese company to offer a subsidiary-tracking stock in 2001 by listing SCN-tracking shares on the Tokyo Stock Exchange.
As SCN itself goes public, Sony said it will buy back SCN-tracking shares for cancellation and convert them into common Sony shares or allocate common Sony shares to replace them.
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Source: Kyodo News International, Tokyo
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