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.
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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.
The Osaka-based retailer has been completing restructuring steps since January of this year in a bid to reduce its debt from around ¥1160bn (US$9.6bn) to ¥910bn.
Mycal revealed that it would announce a revision to its current earnings estimates if necessary.
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By GlobalData
