Hankyu withdraws from golf business.
OSAKA, Nov. 18 Kyodo
Hankyu Corp., a leading railway operator in the Kansai area centering on Osaka, has withdrawn from the golf business by selling two loss-making units, Hankyu Hanshin Holdings Hankyu Hanshin Holdings, Inc. (阪急阪神ホールディングス株式会社 Inc. officials said Saturday.
The company has taken the step in order to concentrate its resources on the core railway business and to help reduce Hankyu Hanshin Holdings' interest-bearing debts totaling 1.33 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time.
(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed.
In the USA and Canada, 10^12. yen, the officials said.
The holding company, created Oct. 1, owns Hankyu and Hanshin Electric Railway Hanshin Electric Railway Co., Ltd. (阪神電気鉄道株式会社 Co., another leading railway operator in the Kansai area.
Hankyu sold a wholly owned golf course-operating unit in Okayama Prefecture in September and the other subsidiary in Kyoto Prefecture on Friday to local firms, the officials said. They did not reveal for how much Hankyu sold the two units.