JAL sells logistics subsidiary

THE Japan Airlines (JAL) Group has announced it will sell its entire 72 per cent stake in its subsidiary JAL Logistics to Hamakyorex.

JAL is undergoing a massive restructure to tackle equally massive debts.

In a statement, JAL said: “The JAL Group is striving to achieve a swift and fundamental reform of the company as soon as possible with the support of the Enterprise Turnaround Initiative Corporation of Japan to maintain a high corporate value of the airline group.

“As part of these endeavours, JAL explored the option of selling its stakes in JAL Logistics during which the subsidiary received high evaluation…from Shizuoka-based Hamakyorex, a company that possesses a high level of know-how in the field of third-party logistics.”