Mr. K. Suzuki, President of Mitsui O.S.K. Lines, Ltd. (MOL) of Japan and Mr. C. K. Ow, Executive Chairman of Singapore Shipping Corporation (SSC) are pleased to announce their mutual agreement on a major equity restructuring of their Joint Venture Companies in Singapore effective 26th December 2002.
Mitsui O.S.K. Lines (Singapore) Pte Ltd. (MOLSIN), currently a 50-50 Joint Venture, will become a wholly owned subsidiary of MOL. This equity restructure is in line with MOL’s Corporate Policy since 1996 to fully own agency offices in key market sectors where local regulations permit its establishment.
Equity in M.O.Air International (Singapore) Pte Ltd., now 51% owned by MOL Logistics (Japan) Co., Ltd. and 49% owned by SSC, will similarly be restructured and become a wholly owned subsidiary of the MOL Group. This company will then bear the brand name “MOL Logistics” and form part of the MOL’s global logistics network to enable “one-stop shopping” as well as to synchronize with its strategic mission of integrating MOL’s Liner and Logistics businesses.
In turn, SSC will increase its equity in Cougar Holdings Pte Ltd. from the current 50% to 65%, with MOL holding the remaining 35%. Cougar’s operating company, Cougar Express Logistics Pte Ltd., is an established Third Party Logistics Service Provider for both local and regional storage/distribution of consumer/industrial products, automotive parts, chemicals, and wine and spirits catering to many international brand names.
Both Mr. K. Suzuki and Mr. C. K. Ow have pledged that MOL Logistics and Cougar Express Logistics will continue to complement each other in providing services that capitalize on the strength and expertise of each Partner to secure new clients and optimize benefits through scale merits and service quality.
MOLSIN has since relocated to Cougar’s brand new office building at 30 Boon Lay Way after its lease at The Arcade Building expired in September 2002.
For further information, please contact:
Masaya Yamada
Manager, Liner Administration Group, Liner Division
Mitsui O.S.K. Lines, Ltd.
Tel: +81 3 3587 7131 / Fax: +81 3 3587 7728
Junichi Narita
Deputy General Manager, Logistics Office
Tel: +81 3 3587 7485 / Fax:+81 3 3587 7738