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TOKYO (Reuters) -Japan Post Holdings Co Ltd said on Wednesday it would book a 67.4 billion yen ($623.8 million) one-off loss in the financial year ended March on the partial sale of Toll Holdings, its money-losing Australian logistics arm.
FILE PHOTO: Japan Post Holdings CEO Hiroya Masuda attends a news conference in Tokyo, Japan January 31, 2020. REUTERS/Kim Kyung-Hoon
The Japanese firm said in a statement it would sell Toll’s delivery services business in Australia and New Zealand to Australia’s Allegro Funds for 700 million yen ($6.5 million).
The deal, which is expected to close by end-June, comes after the companies said they would consider selling the business, which has been hit by the coronavirus pandemic.
Japan Post to sell part of money-losing Australian logistics arm for $6 5 million
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Japan Post says to discuss sale of Australian logistics business Wednesday
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