Press Release
JAL Sells 100％ Shareholding in Two Golf ＆ Country Club Management Subsidiaries
Tokyo, March 19, 2008: Japan Airlines International, a subsidiary of JAL Corporation, decided at today’s board of directors’ meeting to sell its 100% shareholding in two of its hotel and travel services subsidiaries: Asahikawa Resort Development Co., Ltd, and Tomakomai Ryokka Kaihatsu Co., Ltd. The main business activity of these two companies is the management of golf and country clubs located in Japan.
JAL will sell its 100% shareholding in the Asahikawa Resort Development Co., Ltd, which own and manages five golf courses in Japan including the Forest Asahikawa Country Club, to the Asahi Corporation. JAL will also sell its 100% shareholding in the Tomakomai Ryokka Kaihatsu Co., Ltd to Sanit Co., Ltd, a company invested in by 5 companies based in Hokkaido. Together with the company, Pacific Sports and Resort, Tomakomai Ryokka Kaihatsu Co., Ltd is currently responsible for the management of the Tomakomai Country Club Brookes Course.
The JAL Group has stated that it is concentrating its resources on the core air transport business segment in order to achieve sustainable growth. The company is trying to improve asset efficiency by centralizing business resources in the air transport business whilst selling non-core assets. The sale of these two hotel and travel services subsidiaries forms part of this move. The final agreement and share transfer was completed today, March 19, 2008.
Both the Asahikawa Resort Development Co., Ltd, and Tomakomai Ryokka Kaihatsu Co., Ltd will be removed from the JAL Group’s consolidated statement FY2007. Removing the two companies’ liabilities from the financial statement will generate special income of about 9.0 billion yen, but JAL’s forecast for the current financial will remain unaffected.
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Company Name |
Asahikawa Resort Development Co., Ltd. |
|
Date Established |
February 26, 1990 |
|
Main Business |
Management of Forest Asahikawa Country Club |
|
Capital |
475 million yen |
|
Net Assets |
▲4,623 million yen |
|
Total Assets |
40 million yen |
|
Percentage of Voting Rights |
Japan Airlines International 100% (post assignment) Asahi Corporation 100% |
|
Company Name |
Tomakomai Ryokka Kaihatsu Company Limited |
|
Date Established |
April 10, 1989 |
|
Main Business |
Management of Tomakomai Country Club Brookes Course |
|
Capital |
50 million yen |
|
Net Assets |
▲11,099 million yen |
|
Total Assets |
48 million yen |
|
Percentage of Voting Rights |
Japan Airlines International 100% (post assignment) Sanit Company Limited 100% |
|
Company Name |
Asahi Corporation |
|
Date Established |
June 21, 2001 |
|
Main Business |
Golf course management |
|
Capital |
10 million yen |
|
Stockholders |
Hiroshi Tezuka (100%) |
|
Company Name |
Sanit Company Limited |
|
Date Established |
April 28, 1997 |
|
Main Business |
Golf course management |
|
Capital |
10 million yen |
|
Stockholders |
Five companies in Hokkaido |
|
Company Name |
Pacific Sports and Resorts |
|
Date Established |
February 1, 2006 |
|
Main Business |
Golf course management |
|
Capital |
100 million yen |
|
Stockholders |
Pacific Management Co. Ltd. (100%) |
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Subsidiaries Sold.pdf
