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NOL can't explain high volume, except maybe market talk of Temasek selling stake

CONTAINER shipping liner Neptune Orient Lines (NOL) on Tuesday said that besides reports that surfaced in July saying Singapore state investment firm Temasek Holdings has put it up for sale, it was not aware of anything else which might explain the trading in its shares.

By 2.22pm, its shares were up five cents or 5.7 per cent to S$0.93, but what was more unusual was its elevated volume of 17.9 million, more than double its average three-month volume of 7.7 million - landing it among the top 10 actives on the market.

NOL confirmed that it is in compliance with the listing rules of the Singapore Exchange, however.

In July, in respect to talk that its parent company Temasek had put it up for sale, the shipping liner had said in a Singapore Exchange filing that it had not made any decision on a potential sale of the company or entered into any agreement.

Temasek had paid S$2.80 per share in 2004 to boost its stake in NOL from 30 per cent to around 69 per cent. It now owns about 65.3 per cent of the company, according to SGX StockFacts data.