NOL Offloads APL Logistics

Singapore-based Neptune Orient Lines Limited (NOL) has sold its logistics business, APL Logistics Ltd (APLL), to Kintetsu World Express, Inc for USD 1.2 billion.

Upon completion of the transaction, 50.05% of the shareholding in APL Logistics Vascor Automotive Private Limited (Vascor India), an India based company that transports automobiles in containers in India, will be held indirectly by APLL and other third parties.

NOL will hold the remaining 49.95% interest in Vascor India through its wholly-owned subsidiary, NOL Liner (Pte.) Ltd. Vascor India will cease to be a subsidiary of NOL and will become an associated company of NOL.

Based on the unaudited financial position of Vascor India as at 26 December 2014, the net book value and net tangible asset value of Vascor India were USD7.3 million and USD6.5 million respectively.

The change in Vascor India’s status from a subsidiary of NOL to an associated company of NOL is not expected to have a material effect on the net tangible assets or earnings per share of the NOL Group for the current financial year, NOL said.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >