Temasek to Sell Neptune Orient Lines
Singapore state investment company Temasek Holdings has put up its struggling $1.7 billion shipping company for sale, the Wall Street Journal reported, citing people familiar with the matter.
Neptune Orient Lines Ltd (NOL), 65 percent-owned by Temasek, announced in February the sale of its logistics business to Japanese freight carrier Kintetsu World Express Inc for $1.2 billion.
NOL's move to sell its logistics business had renewed market speculation of a sale of the entire company.
An NOL spokeswoman declined to comment, while Temasek Holdings was not immediately available after office hours.
Reporting by Shubhankar Chakravorty and Anshuman Daga