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NOL rights issue oversubscribed

NEPTUNE Orient Lines says its $985m rights issue has been oversubscribed based on initial results. NOL said initial tallies showed its three-for-four rights issue priced at S$1.30 per share had been oversubscribed. Gross proceeds from the issue were around S$1.44bn ($958m). The Singapore container line launched the rights issue last month at 15% discount to its share price at the time. Investors reacted positively to the rights issue, which was seen as showing state-owned Temasek Holdings commitment to NOL with it underwriting the entire issue. The company said the proceeds from the issue would be used to repay debt and for investment opportunities.

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