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.