Mitsui OSK Lines buys 20.9% stake in PKT Logistics

Big investment: A file picture showing PKT group chief executive and managing director Datuk Michael Tio pointing to The 12 Waves warehouse in Batu Kawan Industrial Park in Penang.

TOKYO: Mitsui OSK. Lines Ltd (MOL) has acquired a 20.9% stake in PKT Logistics Group Sdn Bhd (PKT), a leading Malaysian logistics company.

In a press release, MOL said the acquisition would provide it with an opportunity to significantly enhance its operational capabilities in Malaysia, by leveraging the synergies between MOL Logistics (Malaysia) Sdn Bhd.

MOI group’s companies and PKT that would in turn pave the way for MOL Group’s broad expansion in the Asian region.

“This acquisition signals MOL Group’s commitment to serve its customers’ needs for quality logistics solutions, in the Asian region.

“MOL Group will also continue to strengthen its global network to better service its customers,” MOL said in the press release yesterday.

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 55,000m2 of warehouse space in total.

In 2014, PKT acquired a strategic 70-acre piece of land in Batu Kawan Industrial Park, Penang, to develop the ‘One Auto Hub’.

The ‘One Auto Hub’ is PKT’s landmark investment to support the logistics needs of automotive and electronics manufacturers in the north of Malaysia.