“K” LINE TO CONVERT TAIYO INTO SUBSIDIARY
Japan’s Kawasaki Kisen Kaisha group said that it plans
to restructure Taiyo Kaiun Kabushiki Kaisha, a shipping company listed on the Tokyo stock
exchange, into a 100-percent subsidiary of the group.
"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).
Taiyo will hold an extraordinary meeting of shareholders at the end of
January to decide on the plan, under which Taiyo shareholders would exchange their shares
for shares in "K" Line.
"K" Line said that the restructuring would unify business
management in shipping and reinforce diversification in non-shipping activities.