Japan Post Holdings Co. said Thursday it is exploring a potential sale of the struggling courier division of its Australian logistics subsidiary Toll Holdings Ltd.
By shedding Toll Global Express, which operates in Australia and New Zealand, Japan Post aims to refocus Toll's business on global logistics services, which are considered a growing sector.
Toll Global Express logged an operating loss of around AU$100 million ($72 million) in the year through March 2020. J.P. Morgan Securities Japan Co. and Nomura Securities Co. have been named as financial advisors to manage the sale process of Toll Global Express, Japan Post said in a statement.
Japan's postal and financial services provider, which acquired Toll in 2015 for about ¥620 billion ($5.9 billion) in a bid to expand its overseas operations, booked a loss of over ¥400 billion in fiscal 2016 due to underperforming Toll businesses.
Japan Post said it is not considering selling Toll's Global Logistics and Global Forwarding divisions.
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