Japan Post to sell part of Australian logistics arm Toll Holdings

Sydney Opera House, Sydney, Australia. Photo by Frans on Unsplash

Japan Post Holdings Co has decided to sell part of its Australian logistics arm Toll Holdings to an investment fund and booked a one-off loss of 70 billion yen ($645 million), the Nikkei newspaper reported on Tuesday.

Japan Post will sell loss-making Toll’s delivery business in Australia and New Zealand to Australia’s Allegro Funds for about 1 billion yen and will also assume “billions of U.S. dollars” of Toll’s debt, the Nikkei reported.

Japan Post was not immediately available for comment. The company is set to make an announcement on Wednesday, the Nikkei said, adding that most of the extraordinary loss was booked in the financial year that ended in March 2021 and would be offset by tax reductions on other activities.

In 2015, the Japanese company acquired Toll for A$6.5 billion ($5.05 billion), making an ambitious bet to diversify overseas. But two years after the deal, it had to write down the bulk of Toll’s value due to its weak performance.

Toll reported a A$10 million operating loss for the nine months ended December 2020.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.