Singapore-listed NOL yesterday revealed Tokyo-based Kintetsu World Express had agreed to purchase APL Logistics which had been placed on the market.
NOL traded up over 3% today at SGD 1.02 per share as analysts expressed surprise at the high price achieved.
Eugene Chua, an analyst tracking NOL for OCBC, upgraded Singapore’s flagship carrier from sell to hold on the back of the deal.
Chua
