NOL selling OCWS Logistics for S$20 million
Singapore's Neptune Orient Lines Ltd. has agreed to sell OCWS Logistics Pte Ltd. to CWT Ltd. for S$20 million ($13 million), to make available money to its main business units, APL and APL Logistics.
OCWS operates in the Singapore market, providing container, trucking and warehousing services.
'The sale of OCWS is consistent with NOL's strategy to focus on its core liner shipping and high value added logistics services and to divest non-core businesses,' NOL said in a statement.
Completion of the sale is expected in February.