NOL confirms talks on potential acquisition still on

NEPTUNE Orient Lines Limited (NOL) on Tuesday morning confirmed that it is continuing in discussions with respect to a potential acquisition of the group as previously announced on Nov 7 on the local bourse.

This comes after the Singapore Exchange Securities Trading Limited (SGX-ST) queried about NOL's trading activity on Tuesday.

NOL said in its reply that there is no assurance that any such discussion will result in any definitive agreement or transaction, or that any offer for NOL will be made.

"Save as disclosed, NOL is not aware of any information not previously announced concerning NOL, its subsidiaries and associated companies which might explain the trading in the shares of NOL. NOL further confirms that it is in compliance with the listing rules of the SGX-ST and, in particular, Listing Rule 703."

The largest shipping and transportation company listed on SGX said it will make an appropriate announcement in the event that there are any material developments.

It added that shareholders and investors are advised to exercise caution when dealing in shares in and other securities of the group.

As at 1.52pm, the counter was still among the most active, rising five cents to S$1.115, with almost 38.4 million shares changing hands.