MOL sets up logistics subsidiary in China

Shanghai: MOL has announced the start of operations by its first wholly-owned subsidiary in China, MOL Consolidation Service LTD (MCS). The new company, will handle buyers consolidation, or what MOL terms Ocean Consolidation Business (OCB), considered to be a key part of its strategy to increase logistics business under the MOL STEP mid-term management plan. MCS was set up following legislation passed in December 2005 allowing foreign investors to establish wholly-owned international logistics companies. [25/10/06]