Mitsui O.S.K. Lines (MOL) announced that it completed the acquisition of 14.27% shares in PKT Logistics Group, a Malaysian logistics company. MOL's stake will rise from the current 20.86% to 35.13%.
PKT provides end-to-end logistics solutions comprising freight forwarding, customs brokerage, contract logistics, haulage, distribution and others, to its customers from diverse market sectors.
PKT owns and operates warehouses hub in Shah Alam, Selangor, offering over 55,000m2 of warehouse space in total. In 2014, PKT acquired a strategic 70-acre piece of land in Batu Kawan Industrial Park, Penang, to develop an auto hub, a landmark investment to support the logistics needs of automotive and electronics manufacturers in northern Malaysia. The first component, the 12 Waves warehouse, was inaugurated in May 2017 and offers over 60,000m2 of space for warehousing and value-add activities.
MOL is strategically allocating its resources to the logistics business under its management plan. The additional acquisition of the PKT shares will strengthen MOL Group's foothold in Malaysia as well as its adjacent regions where sustained growth is expected.
With the enhanced partnership with PKT and by leveraging the collaborative synergies between PKT and MOL Group, particularly MOL Worldwide Logistics for NVOCC business, MOL said it will further develop and expand its logistics network in the steadily growing Asian market and shall provide stress-free service by better serving its customers' wide ranging needs for quality logistics solutions.
