Japan Post Considers Selling Australian Unit Toll
Tokyo, Aug. 13 (Jiji Press)--Japan Post Holdings Co. <6178> is considering selling Australian logistics unit Toll Holdings Ltd., informed sources said Thursday.
The Japanese company asked major securities firms this week to present proposals on the matter, according to the sources. It is looking at a wide range of options, including the sale of some Toll operations, they said.
The move comes after the group's international logistics division centering on Toll expanded losses in April-June, amid the coronavirus pandemic.
In 2015, Japan Post acquired Toll for about 620 billion yen, with the view to strengthening its overseas logistics network, mainly in the Asia-Pacific region.
In the year through March 2017, however, Japan Post fell into the red for the first time since its privatization, due to the Australian unit's sluggish performance.
[Copyright The Jiji Press, Ltd.]