Japanese group Rex Holdings plans to target growth from its restaurant and supermarket businesses following the sale of its convenience store unit Am/pm Japan Co. to FamilyMart Co.
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Rex is now considering offloading part of its stake in upscale supermarket unit Seijo Ishii Co., in a bid to bolster the subsidiary’s growth potential.
Rex has started to select candidates for capital ties-ups with Seijo Ishii and will sell a majority of its stake if it funds the right partner. Funds from these tie-ups and the sale of Am/pm will allow the company to pursue its ambitious retail and restaurants plan.
Rex will accelerate plans to open more Seijo Ishii stroes. The chain has around 60 locations, primarily in the Tokyo area.
Sales have been growing about 10% year on year to JPY44.6bn (US$) in fiscal 2008. Rex made Seijo a subsidiary in 2004.
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