NOL Removes Foreign Shareholding Limit

Neptune Orient Lines Ltd. (NOL) shareholders approved the removal of the firm's foreign shareholding limit of 49 percent. A 50 percent limit on foreign directors on the NOL board was also removed. NOL officials said that the approval to remove the foreign ownership limit would enable the firm to broaden its shareholder base internationally. The global transportation and logistics company said its shareholders also agreed to introduce new share-based incentive plans for its employees.