Japan travel agency group sells theme park stake
Major Japan travel agency group H.I.S. Co. is selling its entire stake in the Huis Ten Bosch theme park resort in Sasebo, Nagasaki Prefecture.
Hong Kong-based investment fund PAG will buy the 66.7% stake for $480 million.
Also, the other major shareholders of the resort will sell to the operator of Dutch-themed Huis Ten Bosch.
PAG also has invested in Universal Studios Japan in Osaka.
H.I.S. reported a record net loss of 26.9 billion yen for the six months through April, with demand for overseas travel plummeting against the backdrop of the pandemic.
In response to the huge loss, the travel agency said last week that it will reduce its capital to 100 million yen from the current 24.8 billion yen to improve its financial standing.
Huis Ten Bosch first opened in 1992, and went bankrupt in 2003
However, H.I.S helped turn around the business a decade ago.
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