JAPAN: Mycal to sell stake in subsidiary to alleviate debt burden
Beleaguered Japanese retailer Mycal Corp revealed today that it expects the sale of its stake in subsidiary Mycal Hokkaido Corp to reduce group interest-bearing debt by around ¥35.8bn. The sale of 6.45m shares will reduce Mycal's stake in the company from 58.84% to 27.35%, and the parent company expects to net ¥5.32bn.
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