JAL to sell most of air Hokkaido stake

9/5/2009 9:34:59 AM

Japan Airlines Corporation has decided to sell most of its stake in its subsidiary Hokkaido Air System as part of its efforts to restore profitability, according to sources close to the matter, Dow Jones reported. JAL plans to drastically reduce its holding in the regional air carrier from the current 51 percent by selling shares to the Hokkaido prefectural government, which owns a 49 percent stake. With the sale of shares, Hokkaido Air System will be removed as a JAL consolidated subsidiary. Hokkaido Air System started operations in March 1998, and currently connects six airports in Hokkaido. Cargonews Asia

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