JAL sells off Golf biz shares

Japan Airlines International has decided 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. 
——-