OSAKA -- Mycal Corp. supermarket chain and game software developer Konami Co. said Monday they have agreed on the sale of a majority stake in People Co., a major health club chain belonging to the Mycal group, by late February.
Mycal said in a statement that it will sell to Konami almost all of its 10,044,163 shares in People, about a 53.3 percent stake, held by Mycal Finance Corp. for about 67.3 billion yen. Mycal Finance will be absorbed by its parent at the end of February.
With the sale of People, Mycal said it aims to "concentrate management assets in its retail business, to create stable cash flows for group businesses and to sharply reduce the group's interest-bearing debts."