March 30 - Mitsui OSK Lines (MOL) has acquired a 20.9 percent share in Malaysian logistics company, PKT Logistics Group.

PKT provides end-to-end logistics solutions, including: freight forwarding, Customs brokerage, contract logistics, haulage, distribution, as well as project cargo capabilities, servicing the renewables sector.

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.

According to MOL, over the last 17 years the Malaysian economy has consistently seen annual growth rates of over 5 percent and it is expected to continue growing strongly, integrating itself further into the ASEAN (Association of Southeast Asian Nations) Economic Community.

MOL claims the acquisition provides it with an opportunity to significantly enhance its operational capabilities in Malaysia, by leveraging the synergies between MOL Logistics (Malaysia), MOL's group companies and PKT. This acquisition signals the Group's commitment to serve its customers' needs for logistics solutions in the Asian region, says MOL.