CMA CGM Crosses 90% Ownership Threshold in NOL

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.
 

Logistics News

Georgia Ports, Konecranes Celebrate 30-Year Yard Crabe Partnership

Georgia Ports, Konecranes Celebrate 30-Year Yard Crabe Partnership

PPG Completes 100th Dry Docking Using Electrostatic Coating

PPG Completes 100th Dry Docking Using Electrostatic Coating

DP World, Asian Terminals Inc. Deploy First Fleet of Electric Internal Transfer Vehicles in the Philippines

DP World, Asian Terminals Inc. Deploy First Fleet of Electric Internal Transfer Vehicles in the Philippines

Alleged Breach of Supply Chain Protection for Sheep in Jordan

Alleged Breach of Supply Chain Protection for Sheep in Jordan

Subscribe for Maritime Logistics Professional E‑News

Maguire: China will cut electricity emissions to record-low levels by 2025
IAG to expand Lisbon hub and invest in Portugal TAP
Finnair's operating profit comparable falls in Q2