NOL says no decision has been made on its sale yet

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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