MOL secures majority share of Chinese forwarder
MOL Logistics (Japan) Co., Ltd. will increase its shareholding in Chinese forwarder Shanghai HuaJia International Freight Forwarding Co., Ltd. From 25.5 percent to 50.5 percent.
MOL Logistics (Japan), the core logistics company of the Mitsui O.S.K. Lines group, will allocate directors to Shanghai HuaJia International. MOL Logistics (Japan) has also agreed with concerned parties that, if the Chinese government removes restrictions on foreign ownership, MOL Logistics will acquire an additional 25 percent stake in Shanghai HuaJia International.
MOL acquired a Civil Aviation Administration of China first class cargo sales agent’s license in August, opened a new office in Hangzhou in September, and will open a Shenzhen branch in cooperation with a subsidiary in Hong Kong later this month.
“Shanghai HuaJia International continues to strengthen its organization to meet a broader range of customer needs for logistics services and domestic physical distribution in China,” MOL said.