Three harbor transportation subsidiaries of Japan’s shipping major Kawasaki Kisen Kaisha (K Line) have agreed to set up a joint holding company.
The businesses in question are Daito Corporation, Nitto Total Logistics and Seagate Corporation, which are mainly engaged in harbor transportation operations in Japan.
The joint holding company would subsequently become the parent company of the three subsidiaries through share transfer.
Additionally, K Line has entered into an agreement regarding a partial transfer of the holding company’s shares to compatriot warehousing and harbor transportation services company Kamigumi.
“We aim to further improve service quality by utilizing resources such as technology, knowledge and management resources that both companies have cultivated in harbor transportation business and domestic logistics business,” K Line said.
Assuming the approvals and licenses from the relevant authorities are granted and relevant procedures have been made, K Line would transfer 49% of the total shares of the new company to Kamigumi.
The new holding company is scheduled to be established on April 1, 2019, when the transfer of 49% of shares to Kamigumi would also occur.