Haseko Corp. said Thursday it will establish a holding company April 1 to control three of its subsidiaries in charge of services-related business.
The creation of Haseko Anesis Corp. is part of Haseko's business improvement program, drawn up in March after Haseko received 150 billion yen in financial aid from its major creditor banks, it said.
Haseko's various business divisions will now largely be consolidated into Haseko Anesis and Haseko itself, which builds and repairs condominiums for sale, it said.
Tokyo-based Haseko Anesis will be capitalized at 2 billion yen.
The holding company's three arms will be Haseko Community Inc., in charge of overseeing operations of condos for sale; Haseko Livenet Inc., in charge of overseeing the operations of condos for rent; and Century Life Co., in charge of running nursing homes for the elderly.
Haseko envisions having the holding company earn 40 percent of the entire Haseko group's annual pretax profits in the coming years, it said.
To bring its business improvement program to fruition, Haseko plans to integrate Haseko Anesis and itself in April 2005, placing the two firms under an envisioned single holding company, it said.