The Singapore-based container carrier Neptune Orient Lines (NOL) has sold APL Logistics to Japanese freight carrier Kintetsu World Express for USD 1.2 billion.
NOL said that the net proceeds of the sale will be applied to strengthen its financial position, and to repay its debts.
”This is a strategic move that will allow us to focus on improving our liner shipping business, while at the same time enabling APL Logistics to grow. The transaction will also strengthen our balance sheet and unlock value for our shareholders,” said Ng Yat Chung, Group President and CEO of NOL.
Satoshi Ishizaki, Group President and CEO of KWE said that APL Logistics will remain headquartered in Singapore and will be run as a separate unit.