A Pacific International Lines’ (PIL) board reshuffle has seen the founding Teo family lose control following a bailout by a unit of the Singapore government’s investment company.
PIL announced on 7 April that Lars Kastrup, a liner shipping veteran, previously the CEO of Neptune Orient Lines, and Gan Chee Yen, a director of Temasek Holdings’s Heliconia Capital, joined the board on 30 March, the day PIL finalised its restructuring scheme with Heliconia. Both Karstrup and Gan have been serving as advisors to PIL since July 2020.
After PIL repaid a US$112 million emergency facility, Heliconia agreed to a second financing tranche of US$600 million, comprising debt and subscription to US$200 million of convertible preference shares issued by PIL Holdings. This resulted in the Teo family’s share declining to 15%.
While PIL’s executive chairman Teo Siong Seng and deputy chairman Peter Chang remain on the board, the announcement did not mention any departures. Container News’ checks of the company’s current directors with the Accounting and Corporate Regulatory Authority of Singapore shows that several Teo family members, including Teo’s brother Choo Wee, have left the board.
Other family members who have left the board are Teo Teng Seng, Tony Teo and Lisa Teo. In addition, former deputy managing director Tan Chor Kee, executive directors Yvonne Lim and Kwa Wee Keng have all departed.
Karstrup also held appointments at CMA CGM, where he was EVP of Group Strategy and M&A, EVP of Assets (heading up CMA Terminals, CMA Ships, Container Logistics as well as regional carriers such as MacAndrews, OPDR and Mercosul). Prior to CMA CGM, Kastrup was Vice President in AP Moller – Maersk.