Japanese transport giant, Mitsui O.S.K. Lines (MOL), has increased its share in PKT Logistics to 35% to strengthen its standing in Malaysia and wider south east Asia. PKT provides freight forwarding, customs brokerage, contract logistics, haulage, and distribution services to the automotive and electronics sectors in Malaysia and adjacent regions.
MOL, which bought an initial 20% share in the business last year, said strengthening the partnership would help to further develop its logistics network in the growing Asian market, including its MOL Worldwide Logistics division, which it set up earlier this year to manage its freight forwarding business.
[mpu_ad]The build-up of logistics services in the region is part of MOL’s Rolling Plan 2018, through which the company aims to restructure its business and allocate resources to selected competitive business sectors, including logistics.
PKT set up its One Auto Hub business in Penang in 2015 to support the automotive and electronics industries. It completed the first phase of warehouse development there in May last year and currently provides more than 60,000 sq.m of warehousing space with value-added activities. The ’12 Waves’ warehousing complex will eventually cover 185,800 sq.m in three phases of development. PKT is aiming to make One Auto Hub one of the largest automotive logistics providers in Malaysia and MOL is expecting to benefit from the growth with its additional share in the business.