Japan’s Hitachi Transport System on Thursday said it and delivery firm SG Holdings had decided to scrap a four-year-old capital tie-up, citing the need for greater flexibility in the coronavirus era.
The two companies are no longer considering a merger, Hitachi Transport said, adding it would be returning its 20% stake in SG Holdings for 87.5 billion yen ($830 million).
Hitachi Transport said it expected to book a one-time gain of 20.6 billion yen on its parent-only earnings in the year to March related to the share sale.
It was still determining whether the share sale would have an impact on its consolidated earnings, it said.
Source: Reuters.com