MOL Completes Acquisition Of Utoc Corporation

Mitsui O.S.K. Lines, Ltd. (MOL) announced the completion of its 100% acquisition of Utoc Corporation. As announced on November 30, 2021, timely disclosure, “Notice Regarding Commencement of the Tender Offer for Share Certificates, Etc. of Utoc Corporation (Securities Code 9358),” MOL offered to acquire Utoc’s ordinary shares with the objective of making the company a wholly-owned subsidiary of MOL.

Utoc Corporation provides transport services at ports and distribution services. The tender offer was completed on January 18, 2022 and MOL acquired 95.05% of Utoc’s ordinary shares. Utoc became a wholly-owned subsidiary of MOL upon effectuation of today’s share acquisition, through a series of procedures to make MOL the sole shareholder of Utoc.

Image Credits: mol.co.jp

Prior to this, Utoc fell under the criterion for delisting from the First Section of the Tokyo Stock Exchange, Inc. and was delisted as of February 28, 2022.

MOL is working to concentrate its group management resources in a stronger form, aiming to strengthen group-wide management. By successfully making Utoc a wholly-owned subsidiary, it will not only strengthen Utoc’s business, but also leverage its technological capabilities, fostering the growth of the entire group and ensuring a sustainable increase in corporate value.

About Utoc Corporation

Business: Port transportation, ocean transport, general motor truck transportation, consigned freight forwarding, warehousing, customs clearance, construction, real estate
Paid-in capital: 2,155 million yen
Founded: December 8, 1915

Reference: mol.co.jp

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Source: Maritime Shipping News