Future of NOL sinks deeper into doubt

ON the surface, the agreed sale of APL Logistics by the NOL Group appears to be mystifying. Why would the group sell off its profit-making unit to sustain and finance its loss-making one?

On Aug 21, 2014, BT examined the impact of the sale of APL Logistics on the group. That Hock Lock Siew article, which came after NOL had confirmed last August that it was considering selling off its logistics unit or listing it as a separate entity, opined that while a spin-off listing could prove to be a masterstroke, the option of selling the logistics business appears puzzling and may in fact pave the way for the company to eventually get rid of its other assets.

With NOL choosing the latter option, it appears that the fate of its shipping busin…