As it awaits an urgent financial injection from the state, Singapore’s Pacific International Lines (PIL) has put its headquarters up for sale, the latest in a string of assets being offloaded by the SS Teo-led firm.
The 17-storey PIL Building located in the heart of Singapore’s central business district, 300 m up the road from the headquarters of Splash, comes with a price tag of S$350m ($252m), according to the local Business Times newspaper.
PIL has been struggling to pay its bills over the last 18 months resulting in many sales, with ships, container manufacturing facilities and its stake in Pacific Direct Line all offloaded.
PIL, the 10th largest containerline in the world with 347,596 slots in its fleet, looks set to join a host of Asian and European containerlines in receiving state aid in one form or another during the coronavirus pandemic. Heliconia Capital Management, part of the sovereign wealth fund Temasek Holdings, is finalising a deal to come in with between $400m and $450m to help PIL pay charter fees and belated bunker bills.