JAPAN'S Mitsui OSK Lines president Koichi Muto has announced that MOL has established a wholly owned subsidiary, MOL (Peru) in Lima.

"The country was chosen because it shows more stable growth than other South American nations. With the new subsidiary, MOL will consolidate its business structure and further expand north-south containership routes to further improve customer services," said a company statement.

The new company, MOL (Peru), is in the capital Lima and will officially commence business on May 2, with a paid-in capital of US$470,000.

Its principal line of business is to act as a liner shipping agency for MOL in Peru and will be led by general manager Jean Pierre Thorin Brauer, who will head up a team of 19 employees.

For further information, please contact: Yutaka Hinooka, senior vice president, Liner Administration, MOL Liner Ltd (Hong Kong), tel: (+852) 2823 6804, fax: 853-2529-8834.