“K” LINE LIQUIDATES DUTCH FINANCE SUBSIDIARY
The board of directors of the Japanese group Kawasaki
Kisen Kaisha, Ltd. has decided to liquidate "K" Line Finance (Netherlands) B.V.,
its wholy-owned finance subsidiary based in Amsterdam.
The subsidiary had been engaged in capital subscription and loan to
foreign affiliates of "K" Line, primarily in Europe, to respond to their demand
for funds.
"K" Line said that it is winding up the Dutch subsidiary as
part of a plan to streamline, and eliminate duplication in, overseas financing operations
within the group.
By dissolving the subsidiary, "K" Line will incur an
estimated loss on liquidation of Yen2.3 billion ($120 million), due to be recognized as an
extraordinary loss in the interim financial statement of the fiscal year ending March 31,
2000.