Asia/Pacific News
NOL Downplays Reports of a Potential Sale
Neptune Orient Lines (NOL) today has issued a statement downplaying reports that majority shareholder Temasek Holdings Pte. Ltd. (Temasek) is looking to sell the business for $1.7 billion.
However the company fell short of denying the reports, and indeed noted it "has a duty to consider its options to maximize shareholder value."
Writing is a statement issued today, NOL said:
"Neptune Orient Lines Limited ("Company") notes recent media reports regarding a potential sale of the Company. The Company is focused on returning its core liner business to sustainable growth and profitability. It has invested in 32 new and modern ships, continued to streamline its costs and, after the sale of APL Logistics, has a much stronger balance sheet.
"The Company has a duty to consider its options to maximize shareholder value as part of its conduct of normal business. The Company has not made any decision with respect to, and has not entered into any agreement for, a potential sale of the Company and there is no assurance that any agreement for the sale of the Company will be entered into.
"Shareholders of the Company and investors are therefore advised to exercise caution when dealing in their shares and other securities. The Company will release a further announcement if and when there are any material developments."
Earlier today Ship & Bunker reported that Hapag-Lloyd and Orient Overseas Container Line (OOCL) have been touted by speculators as possible buyers for NOL.
