NOL SEEKS REMOVAL OF STOCKHOLDERS NATIONALITY LIMITS

   Neptune Orient Lines, the publicly-listed Singaporean shipping group, said that it will submit a proposal to remove restrictions on the nationality of stockholders during an extraordinary general meeting on Nov. 10.
    NOL is proposing to its shareholders to approve certain amendments to its articles of association to end the current 49-percent limit on ordinary shares that can be held by non-Singaporean shareholders.
    Flemming Jacobs, group president and chief executive officer, said that the removal of the foreign shareholding limit would enable NOL to expand its investor base, as more non-Singaporean institutions would be able to invest in the company.
    Non-Singaporean shareholders currently own 48 percent of NOL.
NOL, the parent company of APL, also has a 50-percent limit on non-Singaporean directors on its board.