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NOL said to invite bids for APL Logistics unit

SINGAPORE — Neptune Orient Lines (NOL), Southeast Asia’s biggest container line, has asked for offers for its APL Logistics unit in a sale that could fetch at least US$1 billion (S$1.27 billion), the Bloomberg news agency cited unidentified sources as saying.

SINGAPORE — Neptune Orient Lines (NOL), Southeast Asia’s biggest container line, has asked for offers for its APL Logistics unit in a sale that could fetch at least US$1 billion (S$1.27 billion), the Bloomberg news agency cited unidentified sources as saying.

The company has sent sale documents to potential buyers and asked for first-round bids by the end of November, the sources said.

NOL is forecast to post a fourth straight annual loss this year as slowing economic growth and excess capacity depress shipping rates. In the past two years, it has sold some vessels and its Singapore headquarters building to cut costs.

NOL announced in August it is considering options for APL Logistics, including a sale or initial public offering. The unit accounted for 18 per cent of sales last year.

There has not been any material development on the review and there is no assurance any deal will be concluded, NOL said in a response to Bloomberg today (Oct 29).

CJ Korea Express, the country’s biggest courier delivery company, said this month it is considering an acquisition of APL Logistics.

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