KUALA LUMPUR – Japan-based restaurant operator Yoshinoya Holdings will dispose of its stake in the Sushi King chain here.
In a report by Nikkei Asia, Yoshinoya said the decision was made due to the impact of Malaysia’s lockdowns on business.
Group company Asia Yoshinoya International was reported to be selling its 28% share in Sushi King to majority owner Sushi King Holdings.
The transaction priced at ¥2.7 billion is expected to be completed in April.
Yoshinoya had bought stakes in Sushi King in 2014 “to exchange staff and share expertise”.
However, according to the company, impact from lockdowns has resulted in Yoshinoya opting to “optimise the business portfolio, including overseas operations, and strategically distribute resources to growth businesses.”
Meanwhile, Yoshinoya remains focused on its restaurants in Japan by redesigning its U-shaped counters under its “cooking and comfort” concept that started in 2015. – The Vibes, January 20, 2022
