[ad_1]
Major Japanese travel agency HIS Co. It aims to sell its stake in the Dutch-themed Huis Ten Bosch beach resort in Sasebo, southwestern Japan’s Nagasaki prefecture, sources close to the matter said on Thursday.
The Tokyo-based company is seeing a prolonged decline in overseas travel due to the coronavirus outbreak and losses in its electrical retail business.
In the year (kyodo)
HIS owns a two-thirds stake in resort operator Huis Ten Bosch, which is expected to be sold to a Hong Kong-based investment firm for “tens of billions of dollars”, the sources said. The park itself will continue under new ownership.
Other Huis Ten Bosch shareholders, including regional companies Kyushu Electric Power and Kyushu Railway Corporation, plan to sell their shares at the same time, the sources said.
Meanwhile, the Nagasaki prefectural government has plans to turn the area into a so-called integrated resort that includes a casino.
The travel agency said in a statement that Hughes Ten Bosch is considering various plans to improve the corporate and share price, such as a share transfer, but no specific decision has been taken at this time.
HIS reported a loss of US$29.6 billion ($194 million) in the half-year period to April due to the pandemic, such as demand for overseas travel. It was the biggest loss ever reported by the company, which includes flight bookings and package tours.
In response, the company moved to divest others and focus on promising businesses. For example, he sold the energy retailer HTB Energy Company.
On the other hand, Huis ten Bosch posted an operating profit of 300 million yen in the half-year period to March, compared with an operating loss of 200 million yen in the same period last year.
HIS’s move to sell the theme park follows earnings results, including the park operator’s return to the black in the first half of a three-year period, largely due to a recovery in visitor numbers.
[ad_2]
Source link
