JAPAN: Seiyu forecasts additional loss of ¥29bn
Japanese supermarket operator Seiyu today [Monday] warned investors it expects to post a further loss of ¥29bn (US$236.2m). The loss is a stock appraisal loss on the forthcoming disposal of a non-bank financing unit to the Lone Star Group of the US, reported Reuters. Last month the company reported it forecast a stock appraisal loss of ¥22.7bn for debt-heavy subsidiary Tokyo City Finance, which Seiyu expects to sell on 29 November, but now expects the total loss to be closer to ¥51.7bn.
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