Japanese retailer Lawson Inc is to make Ninety-Nine Plus, a company in which it owns a majority stake, a wholly-owned subsidiary.

Lawson, which holds a 77.8% stake in Ninety-Nine Plus, will take full control of the business in July through stock swaps.

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The retailer, which today (14 April) booked a slump in annual profits on the back of an accounting scandal within its ticket sales business, is also looking to make that particular unit a 100%-owned business.

Lawson owns a 75.5% business in ticket sales business Lawson Entermedia but will also use a stock swap to take full control of that unit in July.

Lawson Entermedia and Ninety-Nine Plus will be delisted in June.

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