Neptune Orient Lines Ltd (NOL) has announced a rights issue to raise S$1.4b. The group is offering 1.1b rights shares at S$1.30 each on the basis of three rights shares for every four shares held. Approximately 50% of the proceeds will be used for the repayment of debts while the balance will be used for investments and general corporate purposes. We will have more after the briefing later this morning. For now, we are keeping our SELL rating and putting our S$0.815 fair value estimate under review.