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With lots of uncertainties surrounding the efforts made by the beleaguered Hyflux in trying to stem off possible liquidation threats from creditors, it finally got a lifeline of $530 million from a consortium led by Indonesia-listed Salim Group, and the Medco Group (SM Investments). The former is led by the renowned Indonesian tycoon Anthony Salim, while the latter is an integrated energy and natural resources company which supplies the West Natuna Transportation System Pipeline that delivers gas to Singapore.
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Singapore water treatment firm Hyflux Ltd, which is in the midst of a court-supervised reorganisation, said Indonesia's Salim Group and Medco Group had agreed to acquire 60 percent of the company for S$400 million ($290 million), a move that gives it a lifeline for its struggling business. The new joint venture called SM Investments Pte Ltd has also agreed to give Hyflux a loan of S$130 million, Hyflux and the two Indonesian firms said in a joint statement on Thursday. "The investor was identified by the company through a competitive bidding process undertaken by the company as part of its restructuring plans," Hyflux said, adding that the investors would also give it a S$30 million loan ahead of the proposed equity investment to meet its working capital requirements.
Oct 15 (Reuters) - Hyflux Ltd: * UPDATES ON REORGANISATION PROCESS * UPDATES ON TUASPRING DIVESTMENT PROCESS * CO OBTAINED MAYBANK'S IN-PRINCIPLE APPROVAL FOR EXTENSION TO EXECUTE BINDING AGREEMENT OF ...
Hyflux, the embattled Singapore water-treatment and power company, is in advanced talks with at least two potential investors about taking a strategic equity stake in the group as part of a restructuring plan.
A homegrown Singaporean company that owns one of the financial center’s three seawater desalination plants is struggling to stay afloat. Whether Hyflux Ltd. sinks or swims will matter to creditors and shareholders. Now that Singapore’s old foe Mahathir Mohamad is back as Malaysia’s prime minister, and once again threatening to renegotiate a 1962 agreement to supply raw water to the city-state, making sure the Hyflux plant is owned until 2038 by a friendly buyer could become an issue of national security.
July 6 (Reuters) - Hyflux Ltd: * UPDATES ON REORGANISATION PROCESS * WILL CONTINUE TO SEEK POTENTIAL INVESTORS WITH A VIEW TO DIVESTING ITS INTEREST IN TUASPRING'S INTEGRATED WATER AND POWER PROJECT * ...
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Hyflux Ltd., the Singapore water treatment and power firm, has started a court-supervised debt reorganization process to protect the value of its business after reporting unprecedented losses. Hyflux has also decided not to pay S$14.9 million ($11.1 million) of interest due on May 28 on its perpetual securities, some of which individual investors had bought through ATMs in Singapore two years ago.