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NOL exploring possible sale or IPO of APL Logistics

NOL exploring possible sale or IPO of APL Logistics
Loss making Neptune Orient Lines (NOL) is exploring possibly selling or listing its logistics arm, APL Logistics.

Following a Reuters report that NOL was looking to sell APL Logistics for more than $750m, NOL issued a clarification to the Singapore Exchange saying that a possible sale or initial public offering (IPO) was “preliminary in nature”.

“NOL wishes to state that it continually evaluates all available options to improve the strategic positioning and performance of its businesses. These include considerations of a potential sale or initial public offering (IPO) and listing of its logistics business as a separate, stand-alone unit from NOL,” the company said.

“These considerations are preliminary and exploratory in nature. There is no assurance that any definitive transaction for the sale or an IPO of NOL's logistics business will be concluded.”

NOL lost $152m in the first half of 2014. In the second quarter APL Logistics reported revenues of $379m and an EBIT of $14m. During in its half year results briefing it said it was targeting acquisitions in the logistics segment.

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