NOL to sell logistics unit to Japan’s KEW for $1.2b

Visual from APL Logistics website

Singapore’s Neptune Orient Lines Ltd. (NOL) said it had reached a deal to sell it profitable logistics business to Japan’s Kintetsu World Express (KWE), that undertakes air and ocean freight forwarding, for $1.2 billion (S$1.6 billion) in cash.

The sale of APL Logistics to the Japanese company will enable NOL to concentrate on its core but troubled container-shipping business. The Singapore company said the deal will “unlock the value of the logistics business for its shareholders and strengthen the financial position of the NOL Group”.

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