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Finance

SM Investments to sue Hyflux over “repudiatory breach of agreement”

SM Investments (SMI), the Singapore unit of Hyflux’s debt consortium Salim-Medco and the water treatment firm’s former white knight, has announced its intention to sue the company for terminating their bailout agreement. The Straits Times reported SMI as saying on Fri (19 Apr) that it did not accept Hyflux’s “purported termination” of the rescue deal on 4 Apr. Instead, it …

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PUB to terminate WPA with Hyflux, bound to take over Tuaspring plant

Singapore’s national water agency, Public Utilities Board (PUB) has decided to terminate its Water Purchase Agreement (WPA) with debt-ridden water treatment firm Hyflux and to subsequently take over the company’s Tuaspring desalination plant. The Ministry of the Environment and Water Resources statutory board indicated in a statement on Wed (17 Apr) that it intends to do so “[t]o safeguard Singapore’s …

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MAS on Hyflux debacle: We did our part but investors must exercise care

With more members of the public writing to ST Forum getting angry with MAS for perceivably not doing its job in regulating the issuance of Hyflux’s high risk bonds, MAS Director of Corporate Communications Jerome Lee gave a reply on ST Forum today (‘MAS has been doing its part but investors must exercise care‘,17 Apr). Mr Lee acknowledged that MAS …

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How to plan an unforgettable date using credit card perks

by ValueChampion Dating isn’t easy, and adding up the costs of going out can be even more stressful. Fortunately, there are a few tips, tricks, and credit card perks that can help you save money and focus on that special someone. Dating is expensive, especially when expectations are high! But regardless of your budget, you can plan an extraordinary first date …

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MAS, ACRA, and SGX RegCo reviewing Hyflux-related “disclosure issues” and compliance with “accounting and auditing standards”

Three of Singapore’s regulatory bodies have announced a review of Hyflux’s practices to investigate any possible breaches on the part of the water treatment firm on Tue (16 Apr). Responding jointly to CNA‘s queries, the Monetary Authority of Singapore, the Accounting and Corporate Regulatory Authority and the Singapore Exchange Regulation said that they are “currently reviewing Hyflux-related disclosure issues”. The …

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Hyflux to sue Indonesian consortium Salim-Medco Group over “repudiation” of bailout agreement

Debt-ridden local water treatment firm and genco Hyflux is commencing civil proceedings against Indonesian consortium Salim-Medco Group over a “repudiation of the restructuring agreement” inked last Oct. Nikkei Asian Review reported on Mon (15 Apr) that according to Hyflux, it has filed a writ of summons to the High Court regarding the matter. Salim declined to make any comments in …

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No ‘impropriety’ by DBS in May 2016 sale of S$500m Hyflux perpetual securities: MAS

There was no form of ‘impropriety’ found in DBS’ arrangement of the sale of perpetual securities by Hyflux in 2016, said the Monetary Authority of Singapore (MAS). Responding to Bloomberg‘s queries, MAS added that DBS Group Holdings Ltd. had acted in compliance of regulatory requirements as both manager and distributor of the perpetual securities. “As the issue manager, DBS conducted …

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Investing in perpetual securities instead of common stocks “an opportunity cost”: Socioeconomics commentator and former banker Chris Kuan

Investing in a particular company’s perpetual securities instead of its common stocks poses “an opportunity cost”, opines retired Singaporean international banker and prominent socioeconomics commentator Chris Kuan. Perpetual securities, or “perp” notes, typically pay “a higher coupon than ordinary bonds” due to an absence of “a final maturity period”, he added, in addition to having a lower rank compared to …

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