Hankyu withdraws from golf business.
Hankyu Corp., a leading railway operator in the Kansai area centering on Osaka, has withdrawn from the golf business by selling two loss-making units, Hankyu Hanshin Holdings Inc. officials said Saturday.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 yen, the officials said.
The holding company, created Oct. 1, owns Hankyu and Hanshin Electric Railway 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.