NOL Says ‘No Decision’ Yet on Reported Sale

Neptune Orient Lines Limited has responded to current media stories that the Singapore transport firm has been put up on the market by its majority shareholder Temasek Holdings, funding arm of the Singapore Government.

Last week, it was reported that Temasek Holdings had employed a financial institution to hunt patrons for the enterprise after reporting a web loss in 5 of the previous six years.

In response to the stories, NOL issued an announcement saying that the corporate stays targeted on returning its core liner enterprise to sustainable development and profitability, and that it has not made any choice but on the sale of the corporate, however that it’s obligated to contemplate all choices to maximise shareholder worth.

NOL famous that it has invested in 32 new and fashionable ships and it continues to streamline its prices following the current sale of its logistics enterprise, APL Logistics, for $1.2 billion earlier this 12 months.

“The Company has a duty to consider its options to maximize shareholder value as part of its conduct of normal business,” the NOL assertion stated. “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.”

NOL says it is going to launch an extra announcement if and when there are any materials developments.

Temasek Holdings is the most important single shareholder of NOL with a 68% holding.

Reports say {that a} potential sale of the the corporate may fetch an estimated $1.7 billion.