It will transfer all shares of its consolidated subsidiary, Phoenix Entertainment Tours, to the company’s Representative Director, Mitsunori Meguro. The transfer price is 54,546,000 yen.
From the perspective of enhancing the soundness and efficiency of the group as a whole, the company has been promoting the consolidation and reorganization of its subsidiaries. Due to the deterioration of Japan–China relations, group tours to Japan by Chinese travelers, which constitute its core business, have decreased, leading to the decision to withdraw from the travel business.
Phoenix Entertainment Tours (formerly All Japan China Travel) was established in August 1979 with capital of 81 million yen. It became a wholly owned subsidiary in October 2024 through a simplified share exchange. For the fiscal year ending March 2025, it recorded sales of 726.16 million yen and a net profit of 14.72 million yen.
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