The Salomon Smith Barney-led deal opens presentations in Singapore and will price after a lengthy roadshow, the week beginning 25 June. At the mid-point of the deal's indicative range, the company should raise about $114.7 million and see Neptune Orient Lines' NOL wholly-owned stake drop to 73.4%, or 70.6% pending the exercise of the greenshoe.
Backed by co-leads ABN AMRO and Morgan Stanley, the company roughly 32% owned by Temasek is planning to offer 4.725 million ordinary shares and a further 2.025 million in the form of Singapore Depositary Receipts on a ten for one basis. The greenshoe will comprise a further 1.012 million shares.
On an indicative ...
