“K” Line closes Luxembourg subsidiary
Kawasaki Kisen Kaisha, Ltd. said today that it will dissolve and liquidate one of its overseas subsidiary companies, “K” Line Holding Luxembourg S.A.The Luxembourg subsidiary was opened in 1973 to provide investments and loans to other “K” Line group companies.
The relaxation of financial regulations led to the decision to close the subsidiary, “K” Line said in a statement.
“K” Line estimates about 2.8 billion yen ($27 million) of liquidation loss. This loss has already been factored into the consolidated and non-consolidated business forecasts for the year, announced earlier in the month.
