Mitsui O.S.K. Lines, Ltd. announced that it had completed the acquisition of 14.27% shares in PKT Logistics Group Sdn. Bhd. (PKT), a leading Malaysian logistics company. MOL’s stake has risen from the current 20.86% to 35.13% post the acquisition.
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 state-of-the-art, environment-friendly warehouses at its ‘One Logistics Hub’ in Shah Alam, Selangor, offering over 55,000 square metres of warehouse space.
In 2014, PKT acquired a strategic 70-acre piece of land in Batu Kawan Industrial Park, Penang, to develop the ‘One Auto Hub’. The ‘One Auto Hub’ is PKT’s 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 60,000 square metres of space for warehousing and value-added activities.
MOL is strategically allocating its resources to the logistics business under its management plan, “Rolling Plan 2018.” 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.