JAPAN AIRLINES

PRESS RELEASES

  • September 13, 2010

JAL Group Sells Entire Stake in JAL Logistics to Hamakyorex Co., Ltd

Tokyo, September 13, 2010: The JAL Group announced today that Japan Airlines Corporation (JAL) subsidiary, Japan Airlines International Co., Ltd. (JALI), will sell its entire stake of 72% in JAL Logistics Co., Ltd to Hamakyorex Co., Ltd. (Hamakyorex) by way of a stock transfer agreement concluded today.

      1.Objective

The JAL Group is striving to achieve a swift and fundamental reform of the company as soon as possible with the support of the Enterprise Turnaround Initiative Corporation of Japan to maintain a high corporate value of the airline group.

As part of these endeavors, JALI explored the option of selling its stakes in JAL Logistics during which the subsidiary received high evaluation for its corporate value and future growth potential from Shizuoka-based Hamakyorex Co. Ltd - a company that possesses a high level of know-how in the field of third party logistics. Consequently, JALI and Hamakyorex entered into a stock transfer agreement today in which the latter will acquire JALI’s entire 72% stake in JAL Logistics.

As a subsidiary of JAL Group, JAL Logistics has been providing reliable logistics services to their customers which also include JAL Group companies, for more than 40 years now. Going forward, under the management of Hamakyorex, JAL Logistics will develop into an efficient third party logistics business that can offer customers the most suitable solutions that match their distribution needs.

2.Stock Transfer

All of the 172,700 stocks owned by Japan Airlines International co., Ltd. in JAL Logistics Co., Ltd. (72% voting rights ratio) will be transferred to Hamakyorex Co. Ltd.

3.Schedule
Today (September 13, 2010)                       : Conclusion of stock and business transfer agreements
October 1, 2010 (planned)                           : Date of stock transfer and receipt of payment

      4.Company profiles

Company name

: Japan Airlines International Co., Ltd.

Address

: 4-11 Higashi-shinagawa, 2-chome, Shinagawa-ku, Tokyo

Representative

: Enterprise Turnaround Initiative Corporation of Japan and Trustee Eiji Katayama

Date of establishment

: October 1, 1953

Main business

: Air transport operator

Capital

: 200 billion yen

Major stockholders

: Japan Airlines Corporation - 100% (As of March 31, 2010)

 

Company name

 

: JAL Logistics Co., Ltd

Address

: 3-1 Heiwajima, 5-chome, Ota-ku, Tokyo

Representative

: President Tomoyasu Fukuyama

Date of establishment

: March 28, 1970

Main business

: Land transportation, warehousing and custom clearance services.

Capital

: 144 million yen

Major stockholders

: Japan Airlines International - 72%

 JALUX                - 28% (As of March 31, 2010)

 

Company name

 

: Hamakyourex Co., Ltd.

Address

: 1701-1 Terawakicho, Hammatsushi-minamiku, Shizuoka Prefecture

Representative

: Chief Executive Officer Masataka Osuga

Date of establishment

: February 1, 1971

Main business

: Cargo distribution center services

Capital

: 4 billion yen

Major stockholders

: Masataka Osuga     - 17.0%, 

  Japan Trustee Services - 16.0%(As of March 31, 2010). 

 

END

 

 20100913 - JAL Sells Stakes in JAL Logistics_FINAL.pdf

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