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PIL receiving state support
Temasek confirmed to invest $ 110 million
It has been known for some time that Pacific International Lines was struggling. In an environment that has been difficult for many years, the effects of the COVID-19 measures exacerbated the situation. For this reason, the owners of PIL started discussions with Heliconia Capital Management. Heliconia is fully owned by the Singapore sovereign wealth-fund Temasek.
As business conditions worsened, PIL won an investment of USD 110 million from Heliconia, the Wall Street Journal reported last week. It is widely expected that this will be followed by a bigger lifeline of USD 450 million.
We are pleased that we have come through this difficult time together with PIL. With the long-term investment of the sovereigh wealth-fund of Singapore, we are convinced that our Singaporean friends have weathered the storm with now state-backed PIL.