Debt-saddled retailer Daiei Inc. said Monday it has agreed to sell slightly more than half of the group's equity stake in midsize construction firm Ichiken Co. to Toyo Techno Corp.
Daiei has a 29.51 percent stake in Ichiken. The 5.28 million shares it will sell to Toyo Techno are valued at about 400 million yen, Daiei said in a press release.
Daiei agreed to the sale as part of its three-year rehabilitation plan, which puts more priority on selling noncore business operations, it said.