NOL, APL TRANSFER ASSETS TO BERMUDA COMPANY
NOL, APL TRANSFER ASSETS TO BERMUDA COMPANY
Singapore-based Neptune Orient Lines, the parent company of APL, has
transferred substantial assets to APL (Bermuda) Ltd.
According to NOL, APL (Bermuda) Ltd. held investments of S$1.2 billion
(US$727 million) at the end of 1998, compared to S$633 million in 1997.
APL declined to comment on the role of the APL (Bermuda) Ltd. and on
the assets held within the offshore entity.
APL (Bermuda) Ltd. is the largest direct-interest subsidiary of the NOL
group. NOL controls 100 percent of the equity of the company.