Japan’s Kawasaki Kisen Kaisha, (K Line) has decided to sell the assets of its subsidiary Daito Corporation.
K Line said the deal is for efficient utilisation of business resources as well as to strengthen the company’s financial position.
The company expects to secure an estimated gain of JPY14.1bn ($134.2m) from the sale. The buyer is a Japanese corporation whose name is not disclosed.
Daito Corporation operates a series of businesses including towage, warehousing, container terminal, marine safety and ship agency.