Lim How Teck News

Singapore's Neptune Orient Lines Ltd. launched an issue of seven-year notes totaling $300 million after setting up a $1 billion medium-term note (MTN) program for up to 10 years. The shipping group, which owns container group APL, said in a statement the funds raised would be used for expansion and to refinance existing borrowings. The issue, with a coupon of 4.09 percent per year, is arranged by OCBC Bank, Overseas Union Bank, Societe Generale Asia (Singapore) Ltd and Standard Chartered Bank. "The arrangement not only meets our current requirements, it allows us to access further funds sometime in the future if we choose," said Lim How Teck, NOL's chief financial officer. "We consider this is good timing because interest rates are currently very low.

Singapore-based container shipping group, Neptune Orient Lines (NOL), has appointed David Lim as group president and CEO. Lim will assume his new role on July 10, where he will join Group CFO Lim How Teck as an executive director on the NOL Board. Lim has experience in both the public and private sectors, including as CEO of the Port of Singapore Authority (PSA), where he initiated the global expansion of the world leading transportation hub with the acquisition of the Dalian Port in China; as CEO of China-Singapore Suzhou Industrial Park in China, CEO of Jurong Town Corporation and most recently as a Singapore Government Cabinet Minister.