Neptune Orient Lines launches $996 million rights issue

Another Temasek-investee company sets out to raise capital through a rights issue, which helps to keep Singapore at the top of the rights issuance league table.

The largest shipping and logistics company listed in Singapore, Neptune Orient Lines NOL, yesterday launched a S$1.437 billion $996 million renounceable rights issue. The company, which is majority-owned by Temasek, intends to use the money to pay off debt and give its balance sheet a boost.

The fully underwritten deal consists of 1.1 billion rights shares being offered to existing shareholders at a ratio of three new shares for every four shares owned. The rights price is S$1.30 per...

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