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MOL's takeover of Utoc completed
Photo: Utoc
The Japanese shipping group has completed the takeover of the Utoc Corporation. On 30 November 2021, MOL offered to acquire Utoc’s ordinary shares with the objective of making the company a wholly owned subsidiary. The tender offer was completed on 18 January 2022 and MOL acquired 95.05% of Utoc’s ordinary shares.
Through a series of procedures, MOL is now the sole shareholder of Utoc which was delisted from the first section of the Tokyo Stock Exchange on 28 February 2022.
Established in 1890, Utoc provides port and maritime transport logistics, warehousing and customs handling. The group achieved an operating revenue of JPY 39.75 billion (USD 346 million) in 2021. (sh)