TOKYO Tokyu Corp. said it will make its affiliate, Tokyu Hotel Chain Co., a wholly owned unit on July 17, 2001 through an equity swap. One Tokyu Hotel Chain share will be exchanged for 0.32 Tokyu Corp. share.
The group will set up a wholly owned company next April to integrate its management of hotel chains, the companies said. The parent company currently holds 26% of Tokyu Hotel Chain and both companies are listed on the Tokyo Stock Exchanges first section. (12/26/00)
SOURCE: The Wall Street Journal