TOKYO -- Pandemic-hit travel agency JTB will cut its capital to 100 million yen ($949,000) from around 2.3 billion yen, Nikkei has learned, in a drastic move that transforms the Japanese industry leader into a small business for tax purposes.
Shareholders on Feb. 12 approved the capital reduction, which takes effect March 31. The freed-up capital will help absorb a big net loss forecast for the current fiscal year.
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