JAL Sells 100% Shareholding in Two Golf & Country Club Management Subsidiaries

Wednesday March 19 10:23 PM

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.

For details, please visit http://press.jal.co.jp/en/release/200803/000881.html

About JAL

Asia's largest airline group, the JAL Group (TSE: 9205) serves 213 airports in 33 countries and territories, including 61 airports in Japan. The Group network extends over 235 international passenger, 39 international cargo, and 160 domestic routes. Altogether, the 9 airlines of the JAL Group make a total of over 1,200 flights a day, and in fiscal year 2006 carried nearly 58 million passengers. JAL Group operates a fleet of 276 aircraft including 64 Boeing 747s and 39 state-of-the-art B777s and is gradually introducing more fuel efficient medium and small-size aircraft such as the new high-tech Boeing 787 and B737 New Generation. For more information, please visit www.jal.com .

Source: JAL

Contact:

Stephen Pearlman
Public Relations Manager,
Japan Airlines
Tel: +81-3-5460-3109  
Fax: +81-3-5460-3108
Email: stephen.pearlman@jal.com

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