Singapore: Neptune Orient Lines is looking to raise as much as $1bn from the sale of its supply chain subsidiary, APL Logistics, according to a report from newswire Bloomberg. NOL has sent out sale documents to a number of possible buyers asking for first-round bids by the end of November. APL Logistics accounted for 18% of NOL’s revenues last year. Among the companies that have made plain their keenness to acquire APL Logistics is CJ Korea Express, the largest Korean courier firm. With its containerline, APL, stuck in the red for a long time, NOL is having to take drastic action to reverse its financial position.
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