Top > Investor Relations > Stock and Bonds > Notice & news board > Kawasaki Kisen Kaisha, Ltd. Restructures Taiyo Nippon Kisen Co., Ltd. and Kobe Pier Co., Ltd. into 100% Subsidiary Companies by Legalized Stock Exchange Provisions.

June 21, 2002
Kawasaki Kisen Kaisha, Ltd.

Kawasaki Kisen Kaisha, Ltd. Restructures Taiyo Nippon Kisen Co., Ltd. and Kobe Pier Co., Ltd. into 100% Subsidiary Companies by Legalized Stock Exchange Provisions.

Kawasaki Kisen Kaisha, Ltd., Tokyo ("K" Line) and it's subsidiary companies Taiyo Nippon Kisen Co., Ltd. (Taiyo) and Kobe Pier Co., Ltd. (Kobe), in which "K" Line currently has shareholdings of 99.8% and 95.1%, respectively, have agreed that "K" Line will restructure Taiyo and Kobe into wholly-owned subsidiaries in conformity with Stock Exchange provisions.

Taiyo and Kobe are going to hold extraordinary shareholder meetings at the end of August 2002 to resolve the issue of the Stock Exchange, with actual Stock Exchange date to be September 30, 2002. No meeting of "K" Line shareholders will be required in accordance with the Japanese Commercial Law Article No.358, legalizing simplification of procedures for Stock Exchange.

Purpose of Restructuring Taiyo and Kobe into "K" Line's Wholly-Owned Subsidiaries through Stock Exchange.

"K" Line recently announced the mapping out of its new management plan named "KV-Plan" in which the Company aims to upgrade global cost competitiveness of its entire group.

The main lines of business for Taiyo are working on ship management in operations and administration, taking part in "K" Line's core business of marine transportation.

In the meantime and diversifying its line of business, Taiyo also charters ships out to overseas ship operators other than just the Group companies, and runs Hotel and sports facilities, etc.

Kobe is working as a shipowner and charterer to Group companies as its main lines of business.

"K" Line has judged that by token of the Stock Exchange, Taiyo and Kobe should be restructured into wholly-owned subsidiaries of "K" Line. Under this concept, "K" Line will be able to attain an increase in efficiencies and an improvement in management for group companies, and also pave the way to reinforce and develop the diversified field of non-shipping business.

The Stock Exchange will also qualify Taiyo and Kobe to the consolidation provisions of Japan's Consolidated Tax System which will be enacted after April of 2002, where the rule will apply only to wholly-owned domestic subsidiaries.

Agreed Stock Exchange Ratio

Kawasaki Kisen Kaisha,Ltd. Taiyo Nippon Kisen Co.,Ltd. Kobe Pier Co., Ltd.
Stock Exchange Ratio 1 0.475 2.125

The content on this website is provided as a convenience for our investors for informational purpose only. This is not intended to solicit investors to buy our company's stock. This information may include forecasts, projections and strategies that are based on the assumptions. Number of risks and uncertainties may cause actual results to differ from the description in this website. The final decision and responsibility for investments rests solely with the user of this site.

PDF

To read the PDF files, you need Adobe Reader installed on your computer.
If you do not have it, you can get it here.

pagetop