"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).