NEPTUNE ORIENT LINES SEES UNEXPLAINED STOCK PRICE RISE
Shares in Singapore-based Neptune Orient Lines, the parent company of APL Liner and APL Logistics, have seen sharp rises in stock price and in trading volumes in recent days, suggesting that speculative investors are building up positions or expecting a takeover.
However, in a letter to Andrew Li, head of market surveillance and enforcement of the Singapore stock exchange, dated Monday, Neptune Orient Lines said that it was not aware “of any possible reasons which could have contributed to the increase in price and trading volume.”
The NOL share closed on Tuesday at 91.5 Singapore cents, compared to about 70 cents last month. The share price of the Singapore-based group has more than halved in the last two years, falling from a peak of $2.50 in November 1999.
Press reports have linked NOL to a potential merger or takeover with P&O Nedlloyd, but the Anglo-Dutch carrier denied last week that such discussions were taking place.