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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, 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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Hyflux cancels bailout agreement with SMI Investments, citing lack of confidence in consortium’s ability to proceed with deal

The tables have turned on the Salim-Medco Group as debt-laden water treatment firm and genco Hyflux decides to call off its rescue plan with the Indonesian conglomerate. In an announcement on Thursday (4 Apr), Hyflux had also stated that it has cancelled the scheme meetings originally scheduled to take place tomorrow (5 Apr) and next Monday (8 Apr). SM Investments …

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Hyflux’s current financial rut a consequence of “its own commercial decisions”: EMA

Hyflux’s current financial rut is a consequence of “its own commercial decisions”, with the company having “full knowledge of the gas supply situation and electricity generation market” at the time it carried out such moves, according to Director of the Market Development and Surveillance Department at the Energy Market Authority Dorcas Tan. In a reply to Leong Mun Wai’s letter, …

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Hyflux failed to disclose Tuaspring’s status as an electricity genco in its prospectus, says disgruntled perpetual capital securities investor

In a submission to TOC on Sun (31 Mar), a disgruntled Hyflux perpetual capital securities investor had shared what he deemed to be “very important information that was not revealed in the prospectus”, that is the firm’s failure to disclose Tuaspring’s status as “a genco with a minor portion of its revenue from water supply to PUB”. He did not …

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