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.