“K” LINE AND TAIYO DIRECTORS APPROVE SHARE EXCHANGE
The boards of directors of Kawasaki Kisen Kaisha and of
fellow Japanese shipping company Taiyo Kaiun Kabushiki Kaisha have approved a
previously-announced share exchange plan.
Under the plan, "K" Line will issue new shares and exchange
them for Taiyo’s shares. Taiyo will become a 100-percent subsidiary of the "K"
Line group.
The share exchange, due to be completed on Feb. 22, 2000, will increase
"K" Line’s share capital by Yen415 million ($4 million).
The share deal is subject to the approval of a shareholders’
meeting of Taiyo, scheduled on Jan. 20.
"K" Line currently has 41.7 percent of the stock of Taiyo, a
company engaged in shipowning, ship management, vessel chartering and the management of
sport gyms. Taiyo, based in Tokyo, has annual revenues of about 5.2 billion yen ($44
million).