Singapore-listed Neptune Orient Lines (NOL) has come out to clear media reports that it plans to sell APL Logistics, its freight-forwarding business.
In a recent clarification to the Singapore Exchange, the beleaguered carrier said that it is still reviewing its options of whether to sell or put on initial public offering its logistics unit, and that these considerations “are preliminary and exploratory 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 logistic business as a separate, stand-alone unit from NOL.”
It added: “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 logistic business will be concluded.”
It also said NOL will release further announcements “if and when there are any material developments.”
NOL posted a net loss of US$54 million in the second quarter of 2014 amid “persistent, difficult trading conditions.”
Jurong Port’s new chief
Meanwhile, Jurong Port Pte Ltd, which operates multipurpose Jurong Port in Singapore, announced the appointment of Ooi Boon Hoe as the company’s new chief executive officer.
Boon Hoe has more than 20 years of experience in both the public and private sectors, according to the company. He started his career with the Republic of Singapore Navy and the Ministry of Defence.
In the private sector, Boon Hoe worked in DBS Bank as a corporate finance professional before joining Portek International in 2002. At Portek, Boon Hoe held various key positions including executive director and chief operating officer.
Boon Hoe graduated with a Bachelor of Science in Economics from the University of London.
