Hot stock: NOL shares rise on sale talks with France's CMA CGM
[SINGAPORE] Shares of Neptune Orient Lines Ltd opened 4.5 per cent higher after it said its controlling shareholder had entered into exclusive sale talks with France's CMA CGM, the world's third-largest container shipping firm.
NOL said in a statement on Saturday said that its single-largest shareholder, Lentor Investments, a unit of state investor Temasek Holdings, had entered into an exclusivity agreement with CMA until Dec 7.
Temasek owns nearly 67 per cent of NOL, which has struggled in a prolonged downturn in the global shipping market.
NOL shares, currently trading at S$1.165. have surged over 39 per cent so far this year on acquisition talks.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data
Singapore shares open lower on Friday; STI down 0.1%
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard
Europe: Stocks retreat on earnings gloom, weak US economic data