|Bid||0.00 x 0|
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|Day's range||0.2100 - 0.2100|
|52-week range||0.2100 - 0.2100|
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Lessons from Hyflux Ltd’s (SGX: 600) fall from grace, DBS Group Holdings Ltd’s (SGX: D05) 2018 earnings and Malaysian companies are discussed in this week’s instalment.
Hyflux Ltd's chief executive officer has offered to give up her shares and other securities in the water treatment firm as part of a proposed restructuring plan, the company said over the weekend. CEO Olivia Lum and the board of directors intend to distribute their stakes as well as preference shares and perpetual capital securities to other holders of perpetual capital securities and preference shares, Hyflux said in a statement on Saturday. Hyflux is in the midst of a court-supervised reorganisation after it applied to the country's high court in May to protect it against creditors as it restructured its debt.
Hyflux Ltd. said its chief executive officer Olivia Lum volunteered to contribute her entire stake of 267 million shares and other securities in the embattled water-treatment company as part of a restructuring plan.
SINGAPORE (Feb 15): Olivia Lum, chairman and CEO of Hyflux, expressed regret that the water company she founded had imploded in such a spectacular manner that it required a bailout. Questions from the stakeholders had ranged from Hyflux's operations, valuation and accountability, which they claimed were not addressed by management. In its response, Hyflux said it was not uncommon for projects to experience operational issues and that it had regularly updated shareholders regarding the assets.
SINGAPORE (Feb 11): The Securities Investors Association Singapore (SIAS) has sent Hyflux an open letter, containing some 23 questions concerning the group’s operations, valuation and accountability, which the association said had not been addressed by the water treatment company which is currently undergoing debt restructuring. The open letter, addressed to Hyflux founder Olivia Lum and its board members, started by highlighting that almost every Hyflux asset had material faults and defects which were not announced in the group’s latest annual report. The group’s Qurayyat and Magtaa projects were said to have operational defects and cannot operate at or close to capacity and the Tuaspring and Tianjin Dagang projects were loss-making and could not service their debt with cashflow from operations.
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As a cumulative preference shareholder of the beleaguered Hyflux, I have the privilege to attend the second town hall meeting organised jointly by the Securities Investors Association Singapore (SIAS) and Hyflux on the evening of 18 January 2019. Here is a brief synopsis of the proceedings during the meeting.
SINGAPORE (Dec 4): Malayan Banking has granted a third deadline extension to Hyflux in its search for a buyer for the loss-making Tuaspring water and power plant. The creditor deadline will be extended to Dec 28 from Nov 29, Hyflux announced in a regulatory filing on Tuesday. In the original deal reached with Maybank in July, Hyflux had until Oct 15 to execute a binding agreement with a successful bidder for Tuaspring.
SINGAPORE (Nov 21): Hyflux says buyers of its 200,000 cubic metres/day seawater desalination plant at Souk Tleta in Tlemcen, Algeria, has purportedly issued a notice of termination for the existing water purchase agreement. In a Tuesday filing, the water-treatment and power company says Almiyah Attilemcania SpA (AAS), the company responsible for the development of the project, and 30% owned Tlemcen Desalination Investment Company SAS (TDIC) and the 51% shareholder in AAS, had separately received the notice of termination. The Souk Tleta plant supplies water to Algérienne des Eaux, the state-owned national water company of Algeria, and Sonatrach, the national oil company.
SINGAPORE (Nov 20): Hyflux has agreed to sell its 50% stake in PT Oasis Waters International, a manufacturer and distributor of bottled drinking water in Indonesia, for $32 million. This is below Oasis Waters’ net tangible asset (NTA) value of $32.3 million based on the group’s unaudited financial results for 1Q18, representing a deficit of about $0.3 million in book value. The liquidation move comes as part of the group’s efforts to streamline its business activities, and to re-focus on its core activities in the infrastructure sector, says Hyflux in a filing on Monday.
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.
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.