NOL chairman Cheng buys 1 million shares
Cheng Wai Keung, chairman of Singapore-based Neptune Orient Lines, has bought 1 million shares in the company at S$2.14 ($1.33) per share.
Keung already held 250,000 shares in NOL, parent company of APL and APL Logistics. Following his March 16 S$2.14 million ($1.33 million) outlay he now has a 0.086 percent control in the company.
Earlier this month NOL reported a 15 percent decline in group net profit for 2005 to $804 million from 2004’s best-ever $943 million.
Temasek Holdings, the Singapore government-controlled investment company that was part of the recent bidding war for P&O with DP World, is the 67 percent majority shareholder in NOL.
NOL’s share price on the Singapore Stock Exchange closed Monday at S$2.24 ($1.39), representing an immediate 4.7 percent return on Keung’s purchase.