JAL sells Two Golf and Country Club Management Subsidiaries

JAL is selling 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 is selling the Tomakomai RyokkaKaihatsu 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.

JAL 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 Wednesday, 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 billion yen, but JAL's forecast for the current financial will remain unaffected.

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