SINGAPORE: A unit of the Singapore Government’s investment company Temasek Holdings has agreed to make an initial investment in Pacific International Lines.

 

The family-run PIL, headed by MD Teo Siong Seng, confirmed on 27 May that it was in talks with Temasek unit Heliconia Capital.

In a statement PIL said, “Our discussions with Heliconia have been progressing well and we can confirm that a deal has been reached for interim funding that would allow the company to meet its most urgent operational needs. On the broader investment contemplated by Heliconia, PIL will make further announcements when there are material developments.”