Temasek

PIL says expenditure must be controlled

Pacific International Lines (PIL), the embattled Singaporean liner operator, said that market conditions remain challenging and expenditure must continue to be controlled.

In a filing to the Singapore Exchange on 30 July PIL disclosed that it will receive interim funding of US$112 million from Heliconia Capital. The funds, said PIL, are to be used only to meet urgent operational requirements, while negotiations with Heliconia, a unit of the Singapore government’s investment company Temasek...

https://container-news.com/pil-says-expenditure-must-be-controlled/

Temasek unit to make interim investment in PIL

A unit of the Singapore government’s investment company Temasek Holdings has agreed to make an initial investment in beleaguered liner operator Pacific International Lines as part of what is essentially a state bailout.

The family-run PIL, headed by MD Teo Siong Seng, confirmed on 27 May that it was in talks with Temasek unit Heliconia Capital, as the company’s liquidity became threatened by poor performance that has been compounded by the Covid-19 pandemic.

In a statement sent to Container News,

https://container-news.com/temasek-unit-to-make-interim-investment-in-pil/

Temasek bailout still under discussion as PIL offloads more ships

Struggling Singaporean liner operator Pacific International Lines (PIL) has said that by the end of September 2020, it expects to complete bailout discussions with a unit of the Singapore government’s investment company Temasek Holdings.

As such, PIL is delaying the release of its 2019 financial results, saying that the figures will be released after the debt re-profiling discussions are more advanced.

PIL has signed an agreement with the Temasek unit, Heliconia Capital Management, which prevents...

https://container-news.com/temasek-bailout-still-under-discussion-as-pil-offloads-more-ships/

PIL confirms Temasek bailout discussions

Beleaguered Singaporean liner operator Pacific International Lines confirmed on 26 May 2020 that a unit of the Singapore government’s investment agency, Temasek Holdings, may be extending a lifeline.

In a filing submitted to the Singapore Exchange, PIL said that it has signed an agreement with the Temasek unit, Heliconia Capital Management, promising not to enter into similar discussions with other investors, for six months from 26 May 2020.

Evercore Asia (Singapore) and WongPartnership are...

https://container-news.com/pil-confirms-temasek-bailout-discussions/

Singaporean state investment firm Temasek mum on PIL bailout

The Singapore government’s investment company Temasek Holdings is remaining tight-lipped on market talk that it may take a stake in embattled liner operator Pacific International Lines (PIL).

Privately held PIL, owned by the family of MD Teo Siong Seng, has admitted to being under financial strain amid the Covid-19 pandemic.

PIL is understood to have fallen behind on charterhire payments to its tonnage providers, which include Japanese ship owners. In recent months, PIL has taken steps to improve...

https://container-news.com/singaporean-state-investment-firm-temasek-mum-on-pil-bailout/

On the wires: PIL must cough up financials to stop rumours

“Liner shipping has had a difficult time in the last few years, but PIL has overcome these challenges.  We and the other liner companies are now well positioned to benefit from a market upturn. We retain a positive outlook for our business and our industry.” – SS Teo, executive chairman of Pacific International Lines (PIL), replies coverage from Lloyd’s List (LL), 13 January 2020. 
Without doubt, one of the biggest highlights of …

The post On the wires: PIL must cough up financials to stop...

https://theloadstar.com/on-the-wires-pil-must-cough-up-financials-to-stop-rumours/

Singapore’s sovereign wealth fund, Temasek, rescues debt-laden carrier PIL

Singapore-headquartered ocean carrier PIL received loans via the country’s sovereign wealth fund, Temasek Holdings, last year, according to Alphaliner.
The consultant said the carrier had pledged its shares in the Hong Kong-listed container manufacturer Singamas as collateral; the information revealed in stock exchange disclosures which names Temasek as an “indirect” 20.56% shareholder in the box builder.
The stake is held through hedge funds controlled by Temasek and ,although it is unlike the...

https://theloadstar.com/singapores-sovereign-wealth-fund-temasek-rescues-debt-laden-carrier-pil/

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