Singapore: Singapore’s Neptune Orient Lines (NOL) was forced to issue a release via the Singapore Exchange late last night regarding its possible sale. Shares in NOL leapt by more than 10% in early trading this morning on the back of the sale rumours.
The Wall Street Journal on July 16 quoted sources as saying that state investor Temasek was looking to divest its 65% stake in NOL.
NOL said it had a duty to consider its options to maximize shareholder value as part of its conduct of normal business, adding that no decision has yet been made on selling up.
NOL said it “is focused on returning its core liner business to sustainable growth and profitability”, noting how with the sale of APL Logistics it had a much stronger balance sheet.
