MISC keen on investing in NOL subsidiary

  • Business
  • Friday, 10 Jan 2003

MALAYSIA International Shipping Corp Bhd (MISC) has indicated its interest in a potential investment in American Eagle Tankers Ltd, a unit of Neptune Orient Lines Ltd (NOL), but has yet to enter into any formal agreement. 

MISC noted in a statement that NOL announced on Oct 8 last year that it was undertaking a strategic review of its investment in American Eagle and that the review would assess a range of alternatives, including maintaining the status quo, a possible sale, merger, joint-venture, initial public offering or other transaction. 

“MISC has indicated its interest in a potential investment in AET, if a suitable opportunity arises. This is part of MISC's constant process of exploring business opportunities of a strategic nature that are in line with its long-term objectives. At this juncture, we have not entered into any formal negotiations nor have we entered into any agreement for an investment in AET,” MISC said. 

No further details were given in the statement. – AFX  

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