NOL endows scholarship in name of late chairman Lua Cheng Eng

SINGAPORE's Neptune Orient Lines said it is donating S$400,000 (US$314,684) to the Singapore Management University (SMU) to endow a scholarship commemorating the late company chairman Lua Cheng Eng.


Mr Lua, who died in November at 72, was CEO of the container shipping and logistics company for 22 years in the 1970s, '80s and '90s. He is credited with being the architect of the 1997 acquisition of American President Lines (APL), which became the company's container shipping arm, and for overseeing the group's listing on the Singapore stock exchange.


Said company chairman Cheng Wai Keung: "We are pleased to honour his memory in a way he would appreciate - helping young people reach their full potential."


The university said the Lua Cheng Eng memorial scholarship will provide two S$12,000 grants annually to qualifying undergraduates. The first two scholarships will be awarded for the 2011-12 academic year.


Said SMU dean of students Low Aik Meng: "We are grateful for the support given to our students and we are proud to be part of this tribute to a visionary leader and strategic thinker."


During his career, Mr Lua was awarded Singapore's public service medal and public service star. He was a member of the board of the Maritime and Port Authority of Singapore, and president of the Singapore Shipping Association and the Baltic and International Maritime Council.
(Source:http://www.schednet.com)