Japanese dairy products maker Snow Brand Milk Products has said it has sold a 7.5% stake in its food wholesale affiliate Yukijirushi Access to Norinchukin Bank for ¥2.9bn (US$26.3m).

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The transaction lowered Snow Brand’s stake in Yukijirushi Access to 10.24% from 17.74%, reported Jiji Press.

Yukijirushi had requested that Norinchukin Bank, its main creditor, held a substantial stake in the company.

Snow Brand also said it is to sell a 21% stake in its food sales subsidiary SI System to dairy products firm Nippon Milk Community, decreasing Snow Brand’s stake in the unit to 44% from 65%.

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