NOL shareholders approve of S$1.34 billion cash distribution

NOL shareholders approve of S$1.34 billion cash distribution    Shareholders of APL parent company Neptune Orient Lines, as expected, today approved a capital reduction exercise that will return to them approximately S$1.34 billion ($810 million) via a cash distribution of S$0.92 (56 cents) per share.
   The cash distribution does not involve any cancellation of shares and is expected to become effective Jan. 27 and to be paid to shareholders by Feb. 21.
   Temasek Holdings, the Singapore government-controlled investment company is the majority shareholder in NOL, owning approximately two-thirds of the shares.
   “The financial resources available to NOL Group will be continue to be sufficient for our foreseeable near-term operating and investment needs and to meet our budgeted capital expenditures in 2006,” said Cheng Wai Keung, NOL’s chairman.
   “As a global cargo transportation and logistics business, NOL is committed to growing its operations, both organically and by pursuing acquisitions that create value, to meet the needs of our customers and our commitments to partners as we move forward,” Cheng added.