Neptune Orient Lines Put Up for Sale, Sources Say

July 16 (Reuters) – Singapore state investor Temasek Holdings has put transport firm Neptune Orient Lines Ltd , which has a market worth of $1.7 billion, up on the market, individuals acquainted with the matter informed Reuters.

Temasek has employed a financial institution to hunt consumers for the enterprise which made a internet loss in 5 of the previous six years, the sources stated, because the fund with $197 billion underneath administration seeks to spice up its efficiency by shedding underperforming firms.

The sale of the enterprise was broadly anticipated, particularly after Neptune, almost 67 percent-owned by Temasek, bought its logistics enterprise to Japanese freight service Kintetsu World Express Inc for $1.2 billion.

Last week, Temasek stated the worth of its portfolio had jumped by virtually a fifth, helped by surging China financial institution shares. .

A Neptune Orient spokeswoman declined to remark.

Temasek Holdings was not instantly accessible for remark outdoors workplace hours.

The sources declined to be recognized because the sale course of is confidential.

The Wall Street Journal first reported the deliberate sale. (Reporting by Shubhankar Chakravorty in Bengaluru and Anshuman Daga in Singapore and Denny Thomas in Hong Kong; modifying by David Clarke)

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