As part to bring the things back to normal and even profitable stage, Sony today announced that it has entered into a contract to sell 95,000 shares of its 886,908 shared of M3, a consolidated subsidiary of Sony, to Deutsche Securities. It means once the sale take place, Sony becomes a major shareholder with 49.8 percent in total of M3.
Sony recently published its consolidated financial results for the third quarter, ended December 31, 2012 with posting an operating profit of 46.4 billion yen ($534 million), compared to a 97.1 billion yen loss from the same period it reported a year ago as well as the company announced the sales of its US-based head office in a $1.1 billion deal recently.
Sony shared the purpose of sales as follows:
As part of its initiative to transform its business portfolio and reorganize its assets, Sony entered into a contract of sale that it expects will result in an increase to the liquidity of the market for M3’s shares and help to assure the independence and neutrality of M3’s management. While following the sale, M3 will no longer be consolidated by Sony, Sony will remain a major shareholder of M3 and will continue to pursue opportunities to collaborate with M3 in the business areas, including medical.