OCBC ceasing coverage of NOL

SINGAPORE (June 29): OCBC Investment Research is ceasing coverage for Neptune Orient Lines, following CMA CGM’s intention to delist the shipping company.

CMA CGM announced on June 28 that it now owns 90.68% of NOL. Given that the public float has fallen below 10%, the trading of shares will be suspended by the Singapore Exchange at the close of the offer. CMA CGM also indicated that it plans to delist NOL from SGX.

See: CMA CGM crosses 90% ownership threshold of NOL, to proceed with compulsory acquisition and delisting

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