NA: Japan Post to sell part of Australian logistics company

Nikkei Asia reports:

Japan Post Holdings will sell off a part of Australian logistics company Toll Holdings to an Australian investment fund for around 1 billion yen ($9.2 million), Nikkei has learned, absorbing a massive loss in the deal.

The sale of Toll Holdings’ logistics and delivery operations in Australia and New Zealand to Allegro Funds will mean that Japan Post will assume billions of dollars worth of debt and that it will have to mark an extraordinary loss of about 70 billion yen for the fiscal year ending in March 2021.

Japan Post, which is set to make an announcement on Wednesday, is however not expecting the deal to have an impact on its net profit as it believes most of the loss will be offset by more than 60 billion yen in tax reductions, as a result of other factors.

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