Singapore’s Temasek Holdings made at least a billion dollar losses after selling the national shipping line Neptune Orient Line (NOL) to French conglomerate CMA CGM SA for S$2.26 billion today (Dec 7). In 2004, Temasek Holdings paid for S$2.80 a share raising its shares from 30% to 69%. However, Temasek Holdings sold its 67% of NOL shares at S$1.30 today.

Trading for NOL shares halted and was last traded for S$1.22 per share, a 6% discount off the offered rate by CMA CGM SA. The world’s third largest shipping company intends to de-list NOL from the stock exchange and is looking forward to buy up the minority shares. Under Temasek Holdings, NOL was running losses up to S$4 billion in the past four years.

The CEO of NOL is former army general Ng Yat Chung, a lieutenant-general in the Singapore Armed Force.