The Industrial Revitalization Corp. of Japan said Monday it has chosen the H.I.S. Co. travel agency group to sponsor the rehabilitation of Kumamoto-based bus firm Kyushu Industrial Transportation Co.
The corporate bailout agency has been helping Kyushu Industrial revive itself since August 2003 and holds 67.03 percent of the voting rights in the bus company, the IRCJ said in a statement.
The IRCJ said it will transfer all of its common shares in Kyushu Industrial to an investment body formed by H.I.S. and its unit H.S. Securities Co.
The share transfer will be conducted when the IRCJ applies for a public tender offer carried out by the investment body for Kyushu Industrial shares, it said.