Struggling retailer Daiei Inc. said Tuesday it will sell all its shares in its wholly owned real estate subsidiary Maruko Inc. for 15.1 billion yen as part of its rehabilitation plan.
An extraordinary profit of 13.8 billion yen from the deal is already included in Daiei's earnings projection for the current business year ending February 28, the nationwide supermarket chain operator said.
Daiei will sell 20 million Maruko shares in late February to a special purpose company to be established by Schroder Ventures K.K., an operator of private equity funds. The deal will be made under Maruko's management buyout scheme and will see Maruko and the special purpose company merge after the share sales. Maruko's current management will invest in the merged company.