CMA CGM Crosses 90% Ownership Threshold in NOL
By Aiswarya Lakshmi
Tuesday, June 28, 2016
Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private.
Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6, 2016, CMA CGM now owns 2,361,044,044 shares representing approximately 90.68 percent of NOL’s share capital.
With the public float of NOL shares now falling below the minimum threshold of 10 percent, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the Offer. In the event of a trading suspension, CMA CGM does not intend to take steps for the suspension to be lifted.
In addition, CMA CGM intends to have NOL delisted from the Main Board of the SGX-ST.
CMA CGM also confirms that it intends to exercise its right of compulsory acquisition to acquire all the NOL shares held by shareholders who have not accepted the Offer, in accordance with the Companies Act (Chapter 50 of Singapore), should it acquire more than 91.05 percent of NOL shares. An announcement will be released on SGXNET accordingly.
CMA CGM is offering NOL shareholders the Offer Price of SGD 1.30 per NOL share in cash.