Kawasaki Kisen Kaisha, Ltd. (TSE:9107) entered into a share exchange agreement to acquire additional 51.2% stake in Kawasaki Kinkai Kisen Kaisha, Ltd. from a group of shareholders for ¥7.8 billion on March 16, 2022. For each share in Kawasaki Kinkai Kisen Kaisha, 0.58 shares of Kawasaki Kisen Kaisha will be allotted to the shareholders. Post completion, Kawasaki Kinkai Kisen Kaisha will operate as a wholly-owned subsidiary of Kawasaki Kisen Kaisha and shall be delisted.

Kawasaki Kinkai Kisen's management team will continue to manage Kawasaki Kinkai Kisen post completion. Transaction is subject to obtaining approval by a resolution at the extraordinary general meeting of shareholders of Kawasaki Kinkai Kisen scheduled to be held on May 10, 2022. The transaction received Approval of all of Kawasaki Kinkai Kisen's Non-interested Directors.

Kawasaki Kinkai Kisen's Board of Directors established the Special Committee. The transaction is scheduled to be consummated effective as of June 1, 2022. Nishimura & Asahi acted as Kawasaki Kisen's legal advisor.

Nagashima Ohno & Tsunematsu acted as Kawasaki Kinkai Kisen's legal advisor. Nakamura, Tsunoda & Matsumoto acted as the Special Committee's legal advisor. KPMG FAS Co., Ltd acted as Kawasaki Kinkai Kisen's financial advisor.

Kawasaki Kisen and Kawasaki Kinkai Kisen appointed Mizuho Securities Co., Ltd. as financial advisor.