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NOL has ‘not made any decision’ on potential sale

NOL has ‘not made any decision’ on potential sale
Singapore’s Neptune Orient Lines (NOL) has responded to recent media reports of a potential sale of the company by saying that it has “not made any decision”.

The Wall Street Journal reported that NOL had been put up for sale by Singapore government investment firm Temasek Holdings, which owns 65% of the container shipping line.

In a statement to the Singapore Exchange on 19 July, NOL did not directly refute the report, but said that the company has a duty to consider its options to maximise shareholder value.

“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,” it said.

“The company is focused on returning its core liner business to sustainable growth and profitability,” it added.

NOL pointed out that 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.

According to the earlier Wall Street Journal report, NOL had been shopped to prospective buyers in recent months, but there were no conclusive deals yet.