Merger of MOL Group Companies to Form Core Company in Philippines

Source: www.gulfoilandgas.com 4/23/2024, Location: Asia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that it will integrate its two wholly owned subsidiaries in the Philippines into MOL Enterprise (Philippines) Inc. and pursue business development in the region as a core company. This is intended to strengthen business operations in the Philippines, where MOL Group expects strong economic growth, as part of the group's regional strategy in the "BLUE ACTION 2035" management plan.

MOL's two wholly owned companies in the Philippines, EcoMOL Inc. (Note 1) and MOL Bulk Shipping Philippines (MOLBulk-PH, Note 2). EcoMOL has been engaged in reducing greenhouse gas (GHG) emissions by promoting operational efficiency of ships operated by the group. MOLBulk-PH has been in charge of operating dry bulk carriers. The new company will manage and expand the group's business in the Philippines, in addition to conduct the operations of the two current companies.

Under the restructuring, EcoMOL is the surviving company and changed its name to MOL Enterprise (Philippines) Inc. in April 2024. The business of MOLBulk-PH will be transferred to the new company in June of this year.

The Business Development Division will be formed in the new company to pursue new business development in the Philippines. It will also develop investment opportunities in non-shipping businesses such as logistics, real property, and offshore wind power in addition to strengthening the shipping business.

The new company will also supervise the group's business in the Philippines and promote collaboration among its group companies. MOL Group has seven other joint ventures and organizations with local partners, in addition to EcoMOL and MOLBulk-PH. With the new company at its core, MOL Group will continue to enhance group management among the group companies in the Philippines.


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