Travel agency H.I.S. to sell shares in ‘Huis Ten Bosch’ resort

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TOKYO (Kyodo) — Big Japanese travel agency H.I.S. Co. aims to market its shares in the Dutch-themed “Huis Ten Bosch” seaside vacation resort in Sasebo, Nagasaki Prefecture, in southwestern Japan, resources shut to the make any difference stated Thursday.&#13

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The Tokyo-dependent enterprise is seeing its earnings deteriorate about a extended slump in abroad travel because of to the coronavirus pandemic and losses racked up by a subsidiary in the electric power retailing business.&#13

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H.I.S. owns two-thirds of the shares in resort operator Huis 10 Bosch Co. and is expected to offer them for “tens of billions of yen” to corporations these types of as an expense business in Hong Kong, the sources said. The park by itself will continue being operational less than a new proprietor.&#13

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Other Huis Ten Bosch shareholders, like regional organizations Kyushu Electrical Power Co. and Kyushu Railway Co., also system to promote their shares at the very same time, the resources said.&#13

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Meanwhile, the Nagasaki prefectural govt has options to convert the area into a so-known as integrated vacation resort, which would consist of a casino.&#13

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“We are thinking of various ideas this sort of as the transfer of shares to enhance Huis 10 Bosch’s corporate and stock benefit, but no unique final decision has been designed at this time,” the journey company reported in a statement.&#13

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H.I.S. documented losses of 29.6 billion yen ($194 million) for the fifty percent-yr time period by means of April because of to the pandemic these kinds of as sluggish desire for abroad travel. It was the greatest reduction the corporation, whose solutions incorporate flight bookings and package deal tours, had at any time described for the time period.&#13

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In response, the organization has moved to target on promising organizations even though shedding some others. It has, for instance, offered its electrical power-retailing subsidiary HTB Electrical power Co.&#13

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On the other hand, Huis 10 Bosch observed an operating income of 300 million yen in the half-12 months time period by means of March, when compared with an running loss of 200 million yen in the same time period last calendar year.&#13

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H.I.S.’s transfer to offer the topic park follows the earnings benefits, which include the park operator’s return to black in three several years on a 50 percent-year foundation, pushed mostly by a restoration in visitor quantities.&#13

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