NOL run into the ground by PAP scholar Generals, now being sold to French. WTF

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An honorable member of the Coffee Shop Has Just Posted the Following:

How did this happen? NOL, was one time the national flag carrier of singapore. In the 70s and 80s, the two companies Singapore Airlines and NOL were the face of singapore to the world. Its unbelievable to me that such a large organization like NOL can be run into the ground and sold to a French company. Its just years of mismanagement and bad choices. Now, there are comedians like ex SAF scholar General Ng Yat Chung (a former arty officer) being the CEO and PeeM Gay Loong;s cousin Kwa Chong Seng (petroleum Industry) as the Chairman of the Board. How much money did the taxpayers lose on this cock up. Fucking PAP. I suppose the WP will remain silent on this in Parliament. Its unbelievable that a GLC can be sold like that.

Singapore container shipping firm Neptune Orient Lines (NOL) said at the weekend it was in talks with Denmark's A.P. Moeller-Maersk and France's CMA CGM SA over a potential sale of the company.

Maersk profits down due to freight and oil slumps (06 Nov 15)
Maersk Line to slash 4,000 jobs by end-2017 (04 Nov 15)
Maersk Oil to cut 1 in 10 jobs amid price slump (26 Oct 15)

In a statement filed with the Singapore Exchange on Saturday, NOL said the talks were "preliminary" and were in relation to "a potential acquisition" of the Singapore firm.

"NOL has a duty to assess all options to maximize shareholder value and improve its competitiveness," the statement said.

It added however that "there is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made".

Marseille-based container transportation and shipping company CMA CGM has made a preliminary offer for NOL, which has a market value of Sg$2.7 billion ($1.9 billion), Bloomberg News reported, quoting people with knowledge of the talks.

CMA CGM is carrying out due diligence on NOL, which is 65 percent owned by Singapore state-linked investment firm Temasek Holdings, although the French shipping firm has not been granted exclusivity, Bloomberg added.

Maersk is also talking separately with NOL but the discussions are less advanced, Bloomberg said.

NOL has been racking up losses due to sluggish global trade and lower freight rates.

Last month, the company reported a net loss of $96 million for the third quarter, widening from a loss of $23 million in the same period the year before.

NOL this year sold its logistics business -- APL Logistics Ltd. -- to Japan's Kintetsu World Express Inc. for $1.2 billion.


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