Japanese shipping major Mitsui OSK Lines (MOL) has upped its stake in Malaysia’s PKT Logistics, boosting its car carrier supply chain network in Southeast Asia. MOL has completed the acquisition of a further 14.27% stake in the Malaysian company, giving it a 35.13% holding.
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 at its One Logistics Hub in Shah Alam, Selangor, offering over 55,000 sq m of warehouse space in total. In 2014, PKT acquired a 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 sq m of space for warehousing and value-add activities.
“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,” MOL said in a release.
No price was revealed for this acquisition.