UT Group to sell Vietnam subsidiary GS shares

UT Group (TSE:2146) announced today it will sell its entire stake in Green Speed Joint Stock Company (GS), a Vietnam-based staffing company, back to its founder, Le Van Hoang. The decision, approved by the board, comes as changes in Japan's foreign worker programs have shifted the landscape for GS, which UT Group initially acquired to support returning trainees. The transaction involves the transfer of 300,900 shares, representing 51% ownership, for a total of 3.789 billion Vietnamese Dong (approximately 2,247 million JPY). The transfer is expected to close on March 27, 2025, and is projected to have minimal impact on UT Group's consolidated financial results for the current fiscal year.