Temasek to rescue PIL ?
https://www.onlinecitizenasia.com/2...indirect-loan-to-pacific-international-lines/
https://www.onlinecitizenasia.com/2...indirect-loan-to-pacific-international-lines/
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Chitchat PAP Poster Boy Ex NMP Teo Siong Seng PIL Is Face Great Debt Problems
- Thread starter gingerlyn
- Start date
Father built it and son destroyed it. Just like Sinkieland.
THAT SMEAR OF SHIT ON SOLE OF SHOE LKY BUILD NOTHING AT ALL.
THE WORKS DONE BY THE OLD GUARDS OF PAP THAT LKY THEN KICKED OUT AND CLAIMED ALL THEY DONE AS DONE BY LKY HIMSELF
LKY BUILD A FUCKING DICTATORSHIP FOR HIS GANG OF THUGS AND MAGGOTS AND ARSELOON AND CRONIES
TO TIEW AND KANN AND FUCKED SINGAPOREANS SO THAT THEY ALL CAN LAUGH AND LAUGH ON WAY TO THEIR CHEEBYE BANKS
That smear of shit on sole of shoe LKY is in 7th level hell with his Gecko.
Both there being tiewed and kanned and fucked non stop by legions of demons and ghouls giving them the same mercy as what they gave to all and anyone that they disliked when they alive.
DBS Bank has US$260 million with them.
Huat ah.
Huat ah.
Jiak Leow bee SS Teo is going to sell his father Pacific International Line building near Lao pa sat https://www.businesstimes.com.sg/re...h-s350m-guide-price-eoi-draws-strong-interest
PIL Building in Cecil Street - ultimately fully owned by the same entity that controls struggling Pacific International Lines (PIL) - has been quietly put on the market through an expression of interest (EOI) exercise that closed last Friday.
The exercise has drawn strong response; according to the grapevine, interest from eight parties was received.
The guide price for PIL Building has been set at S$350 million, which reflects about S$3,265 per square foot based on the existing net lettable area of nearly 107,200 sq ft.
Cushman & Wakefield, which is understood to have conducted the EOI, could not be reached for comment. PIL's executive chairman and managing director, Teo Siong Seng (better known as SS Teo), declined to comment when contacted.
Located at 140 Cecil Street, the building was completed nearly four decades ago and substantially revamped in 2011.
The 17-storey office building stands on three plots of land totalling 1,812 square metres (19,504 sq ft). The biggest plot of nearly 1,392 sq metres has freehold tenure. It is flanked by two smaller land strips of about 142 sq m and 278 sq m on 99-year leasehold tenures starting from May 1977, reflecting balance terms of nearly 56 years.
PIL Building's existing gross floor area (GFA) of 147,315 sq ft can be increased by slightly more than 71,000 sq ft before it reaches the allowable 218,447 sq ft - based on the 11.2 plot ratio stipulated for this commercial-zoned site under the Urban Redevelopment Authority's Master Plan 2019
Back-of-the-envelope calculations by some property consultants suggest that a development charge/differential premium of about S$80 million would be payable to the state for the rights to tap the 71,000 sq ft unutilised GFA; this does not include the lease extension premium that would be payable if the authorities agree to top up the leases for the two smaller plots to 99 years.
Beyond that, some observers suggest that it may be possible for the building to qualify for a further 25 to 30 per cent GFA under the URA's CBD Incentive Scheme unveiled last year. This is provided the URA waives the minimum plot size requirement of 2,000 sq m for a non-corner site in this part of the old CBD.
The scheme aims to spur owners of older, predominantly office buildings in some parts of the central business district to redevelop their properties into mixed-use projects. By promoting a wider diversity of uses - for example, having more residences and hotels - the scheme seeks to inject a live-in population into the CBD and liven up the district in the evenings and on weekends.
Assuming the property is sold, the PIL group of companies, which occupies some space in the Cecil Street building, is expected to lease back the space in the short term.
PIL Building is owned by PIL Realty, a fully-owned subsidiary of PIL Enterprises, which in turn is wholly-owned by PIL Holdings.
PIL Holdings is also the sole owner of the container shipping line PIL. In early-April 2018, PIL founding chairman, Teo Woon Tiong (alias Chang Yun Chung or YC Chang), stepped down from the company's board - passing the baton to his son SS Teo. (Teo and Chang are the same surname in Chinese, Zhang).
PIL, which is the world's 10th largest container shipping line, is in the process of being rescued by a consortium led by Temasek Holdings unit Heliconia Capital Management.
In May this year, PIL confirmed that it had entered into a six-month exclusivity agreement with Heliconia in relation to a potential investment.
Mr Teo recently stepped down as chairman of the Singapore Business Federation after serving the maximum of three terms totalling six years.
The exercise has drawn strong response; according to the grapevine, interest from eight parties was received.
The guide price for PIL Building has been set at S$350 million, which reflects about S$3,265 per square foot based on the existing net lettable area of nearly 107,200 sq ft.
Cushman & Wakefield, which is understood to have conducted the EOI, could not be reached for comment. PIL's executive chairman and managing director, Teo Siong Seng (better known as SS Teo), declined to comment when contacted.
Located at 140 Cecil Street, the building was completed nearly four decades ago and substantially revamped in 2011.
The 17-storey office building stands on three plots of land totalling 1,812 square metres (19,504 sq ft). The biggest plot of nearly 1,392 sq metres has freehold tenure. It is flanked by two smaller land strips of about 142 sq m and 278 sq m on 99-year leasehold tenures starting from May 1977, reflecting balance terms of nearly 56 years.
PIL Building's existing gross floor area (GFA) of 147,315 sq ft can be increased by slightly more than 71,000 sq ft before it reaches the allowable 218,447 sq ft - based on the 11.2 plot ratio stipulated for this commercial-zoned site under the Urban Redevelopment Authority's Master Plan 2019
Back-of-the-envelope calculations by some property consultants suggest that a development charge/differential premium of about S$80 million would be payable to the state for the rights to tap the 71,000 sq ft unutilised GFA; this does not include the lease extension premium that would be payable if the authorities agree to top up the leases for the two smaller plots to 99 years.
Beyond that, some observers suggest that it may be possible for the building to qualify for a further 25 to 30 per cent GFA under the URA's CBD Incentive Scheme unveiled last year. This is provided the URA waives the minimum plot size requirement of 2,000 sq m for a non-corner site in this part of the old CBD.
The scheme aims to spur owners of older, predominantly office buildings in some parts of the central business district to redevelop their properties into mixed-use projects. By promoting a wider diversity of uses - for example, having more residences and hotels - the scheme seeks to inject a live-in population into the CBD and liven up the district in the evenings and on weekends.
Assuming the property is sold, the PIL group of companies, which occupies some space in the Cecil Street building, is expected to lease back the space in the short term.
PIL Building is owned by PIL Realty, a fully-owned subsidiary of PIL Enterprises, which in turn is wholly-owned by PIL Holdings.
PIL Holdings is also the sole owner of the container shipping line PIL. In early-April 2018, PIL founding chairman, Teo Woon Tiong (alias Chang Yun Chung or YC Chang), stepped down from the company's board - passing the baton to his son SS Teo. (Teo and Chang are the same surname in Chinese, Zhang).
PIL, which is the world's 10th largest container shipping line, is in the process of being rescued by a consortium led by Temasek Holdings unit Heliconia Capital Management.
In May this year, PIL confirmed that it had entered into a six-month exclusivity agreement with Heliconia in relation to a potential investment.
Mr Teo recently stepped down as chairman of the Singapore Business Federation after serving the maximum of three terms totalling six years.
This guy is nothing compared to this shrewed guy from Heng Leong. Heng Leong grab all the money he has, all the cc he Possessed to limit. Owe banks 3 billion. plus bank can't touch all his GCB. Last heard can't attend court. Cos some lawyers cook up some excuse saying that he can't be even interrogated.
Compare to this PIL guy, this ex NMP is a weakling n nothing
Compare to this PIL guy, this ex NMP is a weakling n nothing
sold the family flagship Headquarters, if this guy is in gov, he will bankrupt singapore
Just saw this thread today. During my early days joining SBF some 9 years ago, some bros might remember me telling of my experiences then working as a seaman. I worked in the maritime industry for 16 years from 2002 to 2017. Had a break in 2018 and rejoined back the marine industry in 2019 but this time in a different position. During my early days as young a sailor, I sailed 2 years with a PIL carrier in the early 2000s. Twice I tagged along with my then vessel Captain to PIL head office as he had to settle some documents. Once, encountered Mr YC Chang in the carpark. He was still strong
even though he was then already in his 80s. My Captain greeted him and told me to greet the old man too. I didn't know who he was then but obviously he was someone very important as he had 2 assistants together with him coming out from a chauffeured car. He was very polite and humble and greeted us back. I remember him telling the Captain to take care of the crew welfare and to prepare well for our oncoming voyage. After we left the building the Captain told me the old man was the Big Boss of PIL. From what I heard from the seniors , Mr YC Chang was a good humble Boss.
even though he was then already in his 80s. My Captain greeted him and told me to greet the old man too. I didn't know who he was then but obviously he was someone very important as he had 2 assistants together with him coming out from a chauffeured car. He was very polite and humble and greeted us back. I remember him telling the Captain to take care of the crew welfare and to prepare well for our oncoming voyage. After we left the building the Captain told me the old man was the Big Boss of PIL. From what I heard from the seniors , Mr YC Chang was a good humble Boss.
Do u have any experience with his son ?
I didn't have any personal encounter with SS Two before as I was then only a lowly CoC class 3. But
SS Teo back then had abit of a temper and quite demanding unlike his Lao Leh as told by senior Captains. Senior Captains can't fool him because during his younger days, he also sailed on of his Lao Peh's foreign going vessel. Mr YC Chang one small talk with him, you can sense he's an easy going humble guy.
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I hung out with Ssteo brother before. I didn't know he was a tycoon son..not good impression. Not surprised the company bankrupt..
You are absolutely right.
Very smart clever tricky dicky crook.
That is why he is still OK!
message from PIL HQ to all agents 4 Sept 2020
To : All Colleagues of PIL, ACL and Subsidiaries
To : PIL Representatives and Regional Offices
To : Agents of PIL & ACL
Dear Colleagues
It is with deep sadness that I announce the passing of our founder and Chairman Emeritus,
Mr. Y C Chang this morning, 4th September 2020. He passed away peacefully in his sleep at home, aged 102.
Chairman Emeritus founded PIL in 1967. With his vision and energy, he turned a small coastal operator with only two ships into the company we are so proud of today. His tremendous wisdom and steady hands were born of struggle in his youth. His guidance and kindness will be deeply missed by all of us.
Regrettably, in view of the unprecedented COVID situation, the wake and funeral can only accommodate a limited number of people and so will be private.
Thank you all for your support.
Regards
S.S. on behalf of the Chang/Teo family.
To : All Colleagues of PIL, ACL and Subsidiaries
To : PIL Representatives and Regional Offices
To : Agents of PIL & ACL
Dear Colleagues
It is with deep sadness that I announce the passing of our founder and Chairman Emeritus,
Mr. Y C Chang this morning, 4th September 2020. He passed away peacefully in his sleep at home, aged 102.
Chairman Emeritus founded PIL in 1967. With his vision and energy, he turned a small coastal operator with only two ships into the company we are so proud of today. His tremendous wisdom and steady hands were born of struggle in his youth. His guidance and kindness will be deeply missed by all of us.
Regrettably, in view of the unprecedented COVID situation, the wake and funeral can only accommodate a limited number of people and so will be private.
Thank you all for your support.
Regards
S.S. on behalf of the Chang/Teo family.
PIL seeks extra breathing space with court trip
Under pressure Pacific International Lines (PIL) has provided an update on its restructuring, heading to Singapore’s High Court yesterday to seek approval for a scheme of arrangement with creditors as it awaits further financing from a unit of the republic’s sovereign wealth fund. The scheme of arrangement – a Singaporean version of bankruptcy protection – would last for four months if the court approves it, giving PIL more time to negotiate with Heliconia Capital Management, a Temasek unit, which is in the process of rescuing the shipping line.
PIL executive chairman SS Teo told Splash today: “As we have formulated a comprehensive restructuring plan with financial lenders, advisors and Heliconia Capital Management, today’s commencement of a scheme of arrangement process is a significant milestone for PIL in the debt-reprofiling plan to ensure the company’s long-term sustainability and success. It is a natural progression and will provide our creditors, noteholders, banks, and other interested parties the assurance that their interests will be treated in a fair and transparent way.”
Teo said the scheme of arrangement also allows PIL to continue to operate smoothly without disruption.
PIL’s financial woes have seen the company sell off a long swathe of assets in the last couple of years. The company’s liner fleet has reduced in size from around 400,000 slots at the start of the year to stand at 295,108 slots today, according to data from Alphaliner.
Under pressure Pacific International Lines (PIL) has provided an update on its restructuring, heading to Singapore’s High Court yesterday to seek approval for a scheme of arrangement with creditors as it awaits further financing from a unit of the republic’s sovereign wealth fund. The scheme of arrangement – a Singaporean version of bankruptcy protection – would last for four months if the court approves it, giving PIL more time to negotiate with Heliconia Capital Management, a Temasek unit, which is in the process of rescuing the shipping line.
PIL executive chairman SS Teo told Splash today: “As we have formulated a comprehensive restructuring plan with financial lenders, advisors and Heliconia Capital Management, today’s commencement of a scheme of arrangement process is a significant milestone for PIL in the debt-reprofiling plan to ensure the company’s long-term sustainability and success. It is a natural progression and will provide our creditors, noteholders, banks, and other interested parties the assurance that their interests will be treated in a fair and transparent way.”
Teo said the scheme of arrangement also allows PIL to continue to operate smoothly without disruption.
PIL’s financial woes have seen the company sell off a long swathe of assets in the last couple of years. The company’s liner fleet has reduced in size from around 400,000 slots at the start of the year to stand at 295,108 slots today, according to data from Alphaliner.
https://www.bondsupermart.com/bsm/bond-factsheet/SG7JE9000007
PILLSP 8.500% 16Nov2020 Corp (SGD)
Pacific International Lines Pte Ltd
Latest Quotes as of 11 Nov 2020
Pacific International Lines (Private) Limited (PIL) provides marine support services. The Company offers liner container, 3rd party logistics, port, and tracking services. PIL serves customers worldwide.
2,000.000
Bid Yield to Maturity (% p.a)
2,000.000
Ask Yield to Worst (% p.a)
2,000.000
Bid Yield to Worst (% p.a)
2,000.000
Indicative Ask Price SGD 50.000
Indicative Bid Price SGD 40.000
Bond Complexity
Moderate
Investor Profile
Stable Income Seeker
PILLSP 8.500% 16Nov2020 Corp (SGD)
Pacific International Lines Pte Ltd
Latest Quotes as of 11 Nov 2020
Pacific International Lines (Private) Limited (PIL) provides marine support services. The Company offers liner container, 3rd party logistics, port, and tracking services. PIL serves customers worldwide.
- Transact
- Add to Watchlist
- Chart Against Other Bonds / Index
2,000.000
Bid Yield to Maturity (% p.a)
2,000.000
Ask Yield to Worst (% p.a)
2,000.000
Bid Yield to Worst (% p.a)
2,000.000
Indicative Ask Price SGD 50.000
Indicative Bid Price SGD 40.000
Bond Complexity
Moderate
Investor Profile
Stable Income Seeker
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