NOL awards first scholarships honouring Lua Cheng Eng

Singapore, 25 October 2011 – NOL Group today awarded its first two $12,000 university scholarships in remembrance of the late shipping industry visionary Mr. Lua Cheng Eng. Grants went to Singapore Management University (SMU) students Lim Wei Hong and Daniel Lee Boon Onn from the NOL-Lua Cheng Eng Memorial Scholarship.

Mr. Lua, who passed away in November 2010 at the age of 72, was CEO of Singapore-based NOL Group for 22 years beginning in 1977. The shipping and logistics company endowed the $400,000 scholarship programme in his name at SMU in February 2011.

Mr. Lim, 23, is pursuing degrees in Business and Economics. Mr. Lee, 24, is working toward degrees in Business Management and Accountancy. Both are final-year university undergraduates.

“We've identified two students with exemplary academic credentials as well as active community service records,” said NOL Group Deputy President and CFO Cedric Foo. “They are worthy recipients of an award that recognises Mr. Lua Cheng Eng, a business leader who unreservedly developed young talents wherever he worked.”

Mr. Lua is best remembered as the architect of NOL's 1997 acquisition of American President Lines (APL). In addition to the APL purchase – the largest deal in Singapore maritime history -- he oversaw NOL's listing on the Singapore stock exchange and its growth as one of the world's largest and most influential container shipping lines. In his memory, NOL will provide two $12,000 grants annually to qualifying SMU undergraduates.

“I am proud to be in the pioneer batch of SMU recipients for this prestigious award,” said Mr. Lee. “Mr. Lua was a highly respected personality who was passionate about the shipping industry.”

Added Mr. Lim: “ This scholarship will motivate me to excel in my study and be more active in my community involvement. I thank NOL.”

“SMU is extremely grateful and proud to be associated with NOL and the late Mr. Lua Cheng Eng,” said Professor Ong Siow Heng, SMU Dean of Students. “Mr. Lua's astute leadership will provide inspiration for our students.”

About NOL

Neptune Orient Lines (NOL) is a Singapore-based global container shipping and logistics company. Its container shipping arm, APL, provides world-class container shipping and terminal services and intermodal operations supported by leading-edge IT and e-commerce. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control. NOL Website: www.nol.com.sg