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Teo family could lose control of PIL following investment from Singapore

According to Alphaliner, Singapore plans to help container line PIL with more than USD 400 million. The Teo family could ultimately lose its ownership control of the company, notes the analyst firm.

Photo: Roslan Rahman/AFP/Ritzau Scanpix

The Singapore state is ready with more than USD 400 million, which will be injected into container shipping line PIL, reports Alphaliner.

The shipping line recently began efforts to improve its finances, as the company is hit hard by the coronavirus pandemic. PIL announced in May that it was looking for a new investor to become co-owner in the shipping company. And this is where the USD 400 million enter the picture.

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