NOL shares rise after deal to sell logistics unit

Mainboard-listed Neptune Orient Lines (NOL) saw its shares jump 7 per cent on Wednesday, Feb 18, 2015, a day after it agreed to sell a logistics unit to a Japanese freight carrier. -- ST FILE PHOTO 
Mainboard-listed Neptune Orient Lines (NOL) saw its shares jump 7 per cent on Wednesday, Feb 18, 2015, a day after it agreed to sell a logistics unit to a Japanese freight carrier. -- ST FILE PHOTO 

SINGAPORE (Reuters) - Shares of mainboard-listed Neptune Orient Lines (NOL) jumped 7 per cent when trading opened on Wednesday, a day after the company said it agreed to sell its APL Logistics division to Japanese freight carrier Kintetsu World Express Inc for US$1.2 billion (S$1.62 billion).

NOL said the deal will help the company focus on improving its liner shipping business and balance sheet.

Its shares were up 6.57 per cent at $1.055 shortly after opening at $1.06.