JAL to sell stakes in ground handling subsidiaries

Singapore
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Japan Airlines (JAL) plans to sell most of its shares in three passenger and ground handling subsidiaries, as the airline continues to divest non-core assets amidst a financial restructuring process.

JAL will sell a 90% stake in JAL Sky Kansai, which provides flight and passenger handling services at Osaka Kansai International Airport, to Osaka-based logistics services provider Konoike Transport.

The Oneworld carrier will also sell a 90% stake each in JAL Ground Service Kansai and JAL Ground Support Kansai to Konoike, it adds.

The stock transfers will be completed by end-September, says JAL, adding that the three companies had "received high appraisal for their corporate value and future growth potential from Konoike Transport."

JAL will continue to work with the passenger and ground handling companies to "jointly offer their customers the safest, most on-time flight departures and the best in airport services when they travel through Osaka", adds the airline.

The carrier has said it would sell off non-core assets as it seeks to reduce its debt, after filing for bankruptcy protection in January.

On 6 August, JAL said it would sell a 79.6% stake in its hotel chain subsidiary JAL Hotels.