TIM RHEIN LEAVES BOARD OF DIRECTORS OF NOL

TIM RHEIN LEAVES BOARD OF DIRECTORS OF NOL

   Tim Rhein will leave the board of directors of Neptune Orient Lines, the parent company of APL, effective Dec. 31.

   Rhein, a long-time senior executive of APL, joined the board of directors of the Singapore-based NOL group after it took over APL in 1997.

   Kwek Leng Jo, another member of the board of directors of NOL since 1997, will also leave the board at the end of December.

   At the same time, NOL has appointed the prominent Singapore businessman Stephen Lee Ching Yen to its board of directors.

   Lee is chairman of the Singapore Trade Development Board and president of the Singapore National Employers Federation.

   Lee is also the managing director of Great Malaysia Textile Manufacturing Co., and also of Shanghai Commercial and Savings Bank Ltd. (Taiwan). He is the chairman of Vickers Ballas Holdings Ltd. and Vickers Capital Ltd, and a director of Fraser & Neave Ltd.

   Lee is a former member of parliament in Singapore.

   Lua Cheng Eng remains chairman of the board of NOL. The group president and chief executive officer of NOL and chief executive officer of APL Liner is Flemming Jacobs.