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Home Supply Chain Risk management

Japan Post to sell part of Australian logistics company

by Team Logistics Asia
April 21, 2021
in Risk management
Japan Post to sell part of Australian logistics company
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Japan Post Holdings Co Ltd said on Wednesday it has agreed to sell part of its money-losing Australian logistics arm, Toll Holdings, for 700 million yen ($6.5 million).

The Japanese firm in a statement said it will sell Toll’s delivery services business in Australia and New Zealand to Australia’s Allegro Funds.

It also said it would book a one-off loss of 67.4 billion yen for the financial year ended March due to the sale.

Japan Post Holdings bought Toll in 2015 for A$6.5 billion ($5.02 billion) to diversify overseas operations. It had to write down the bulk of Toll’s value two years later due to weak performance.

Source: Nikkei Asia
Tags: Logistics

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