Kyushu Railway Co. plans to invest in residential and office properties in Southeast Asia, amid the Japanese government's planned ¥416 billion IPO for the rail company, Bloomberg News reported.
Kyushu Chairman Koji Karaike told the news outlet in an interview that the investment will be the company's first in the region. The decision stems from Kyushu's desire to reduce its dependence in Japan, which makes up nearly all of its revenue, according to the report.
Karaike said that the company's mid-term plan involves an investment of ¥80 billion in certain non-rail sectors over a three-year period, aiming to raise sales from such sectors to over 62% of revenue by March 2019.
As of Oct. 11, US$1 was equivalent to ¥103.64.