Temasek-controlled NOL sells $1.2b APL

Struggling shipping company NOL agrees to sell APL Logistics to Japan's Kintetsu as Temasek tidies up its portfolio companies.

Temasek-controlled NOL sells $1.2b APL

Temasek-linked shipping company Neptune Orient Lines NOL on Tuesday agreed to sell its logistics business APL Logistics to Japan’s Kintetsu World Express for $1.2 billion.

The loss-making shipping company has been battling a cyclical downturn and the sale will enable it to strengthen its financial position and repay borrowings, halving its net gearing from 2.25 times to 1.08 times.

In a statement, NOL said the divestment followed a robust and highly competitive process and that the divestment...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: neptune orient lines | acquisition

Print Edition

FinanceAsia Print Edition