Convenience store operator Three F Co. said Tuesday it will establish a joint venture Oct. 1 with six other companies to launch an electronic commerce business based on Three F’s shops.

Three F will own 55 percent of the new firm, Itochu Corp. will hold 10 percent, and Toyota Motor Corp., Tokyo FM Broadcasting Co. and Japan Travel Bureau Inc. will hold 7.5 percent each, the company said.

The Bank of Yokohama will own the remaining 5 percent of the company, which is to be capitalized at 200 million yen.

The new firm, tentatively called Three F Online, will operate online shopping and payment systems and Three F’s 586 chain shops in the Kanto region, the company said.

Three F Online projects 1.2 billion yen in sales for the fiscal year that ends in February 2002, and 1.8 billion yen for the following fiscal year, the company said.

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