SINGAPORE - Neptune Orient Lines Ltd (NOL) has finalised the sale of its crude oil tanker unit to Malaysia International Shipping Corp Bhd. (MISC) for RM1.6 billion (US$445 million) in cash, officials said.
"This is a strategic move that will allow us to focus on our core container transportation and logistics businesses, APL and APL Logistics, while at the same time strengthening our balance sheet and unlocking value for shareholders," said NOL chairman Cheng Wai Keung.