Japanese supermarket operator Aeon has said it has completed its capital injection of ¥20bn (US$182.8m) into failed supermarket firm Mycal and its eight units.
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As from 1 December, Mycal will absorb its eight affiliated companies, thereby consolidating its assets and liabilities. Mycal’s earnings will be included in Aeon’s consolidated earnings from the fourth quarter (December to February) as planned, reported Dow Jones News.
For the fourth quarter, Mycal has forecast operating revenue of ¥185.71bn and a net profit of ¥1.7bn.
Mycal, which operates around 113 stores, filed for bankruptcy court protection in 2001 and has been undergoing a restructuring programme.
With the addition of Mycal, Aeon will have over 1,000 general merchandise stores and supermarkets nationwide.
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