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NOL Group asked for a trading halt of its shares on the SGX on Tuesday afternoon, as reports emerge that the beleaguered shipping liner is making a major corporate announcement.
Following NOL's announcement of the halt at 1.21pm on Tuesday, online news sources from Japan reported that the group is selling its logistics business - APL Logistics - to Japanese logistics company Kintetsu World Express for a consideration of 140 billion yen (S$1.6 billion).
The reports added that the deal could be concluded by Tuesday. NOL is holding a briefing for media and analysts on a corporate development announcement at 5.30pm on Tuesday.