Home » Maritime » NOL sells stake in Lorenzo Shipping Corp.

SINGAPORE’S Neptune Orient Lines will fully divest its stake in Lorenzo Shipping Corp., the local company said last week.

Lorenzo Shipping said NOL has signed a memorandum of understanding with National Marine Corp. on the proposed sale of all its shareholdings in the Philippine-listed shipping company.

According to Dow Jones, NOL owns 28.68% of outstanding common shares and 82.19% of the redeemable preferred shares of Lorenzo Shipping. On the news of the sale, Lorenzo Shipping shares closed at P1.28 last Wednesday, up 23%.

Lorenzo Shipping said that NOL and National Marine Corp are finalizing the terms of the sale, but did not disclose any financial details.

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