JAPAN AIRLINES

PRESS RELEASES

  • March 19, 2008

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. 

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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