TOKYO -- Japanese cosmetics giant Shiseido will likely reduce its interest-bearing liabilities to approximately 130 billion yen ($1.24 billion) by the March 31 fiscal year-end, down 20% on the year, tapping the proceeds from the sales of some of its brands.
Liabilities as a proportion of invested capital, which is the sum of interest-bearing debt and equity capital, will likely drop 5 points to 25% -- the lowest level in six years.
