MOL to Establish Subsidiary in Cambodia
December 20, 2006
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced to open a new subsidiary in Cambodia effective January 1, 2007. Mitsui O.S.K. Lines, Ltd. (Cambodia) Co., Ltd. will handle liner business and ocean consolidation business (OCB). The new company will assume the duties currently handled by Global SKL Shipping (GSKL) as MOL's sole agent in Cambodia.
MOL had been expanding various ocean shipping businesses with Global SKL Shipping (GSKL) as its sole agent in Cambodia, but now deems it necessary to establish an agency with MOL Group capital in order to continue its expansion strategy in Cambodia, which is experiencing tremendous economic growth. Mitsui O.S.K. Lines, Ltd. (Cambodia) Co., Ltd. is a joint venture between the MOL Group, which owns 70% and GSKL, which holds a 30% stake.
The new company aims to expand MOL's global network and increase business together with the partner, GSKL and its group of companies who will provide wide range of logistics support as a prominent business developer in Cambodia, by improving customer service and by implementing cost reduction, under control of MOL's subsidiary MOL (Asia) Ltd. in Hong Kong, which oversees operations throughout Asia.
|Company name:||Mitsui O.S.K. Lines, Ltd. (Cambodia) Co., Ltd.|
|Start of Operation:||January 1, 2007|
|Paid-in-capital:||Riel 20,000,000 (about US$5,000)|
|Business:||Sole agency for MOL liner business and ocean consolidation business (OCB)*|
|Coverage area:||All of Cambodia|
|Representative:||Katsunori Moriya (Managing Director)|
|Number of employees:||18|
* When a single European or U.S. shipper buys products manufactured in multiple plants in China and other Asian countries, the products are consolidated in containers at loading ports and transported to the consignee.