Singapore's NOL begins US spin-off

The Salomon Smith Barney-led deal opens presentations in Singapore and will price after a lengthy roadshow, the week beginning 25 June. At the mid-point of the deal's indicative range, the company should raise about $114.7 million and see Neptune Orient Lines' (NOL) wholly-owned stake drop to 73.4%, or 70.6% pending the exercise of the greenshoe.