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Business

Board director of Temasek’s subsidiary continues to sit on Hyflux board

On Sunday (31 Mar), the Straits Times published an article reporting on what some of the angry Hyflux investors told its reporters during the protest at Hong Lim Park, where at least 500 protesters had gathered on Sat (30 Mar). Many are looking at losing 80-97% of their life savings and retirement funds which they have invested heavily in Hyflux …

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PUB’s recent actions did not influence Salim-Medco’s intention to call off bailout deal: Hyflux

Hyflux has challenged Salim-Medco’s justification for intending to withdraw from its bailout deal with the debt-ridden homegrown water firm. The Business Times (BT) reported Hyflux as saying in response to questions from the Securities Investors Association Singapore (SIAS) on Tue (26 Mar) that it “has been advised that Salim-Medco cannot rely on the PUB’s termination of the WPA to lawfully …

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“No basis for PUB to utilise taxpayer dollars to offset investor losses”: MEWR, on possible PUB Tuaspring takeover at “zero dollars”

There is no reason why the Public Utilities Board (PUB) should use taxpayer dollars to mitigate the potential losses of investors in homegrown water treatment firm Hyflux, said the Ministry of the Environment and Water Resources (MEWR). Responding to Mothership.sg‘s queries, MEWR said: “All investments carry risks. Businesses can come under financial stress and are not immune to defaults. There …

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Hyflux investors to stage protest at Hong Lim Park this Saturday; SIAS probes Hyflux on status of deal with Salim-led consortium

Disgruntled by Hyflux’s rocky progress in the recent months following its restructuring plan, the homegrown water treatment firm’s investors have decided to take matters into their own hands by planning to stage a protest this Saturday (30 Mar). The Straits Times reported that the protest, which will be taking place at the Speakers’ Corner in Hong Lim Park around 3pm …

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Salim should not use possible seizure of Tuaspring to justify terminating its deal with Hyflux: PUB

Indonesian conglomerate Salim Group should not use the possible seizure of the Tuaspring plant to justify terminating its bailout agreement with local water treatment firm Hyflux, said the Public Utilities Board (PUB) on Fri (21 Mar). PUB’s statement was made in response to Salim’s recent announcement to potentially withdraw from its agreement to bail out Hyflux from its massive debts …

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Govt intends to seize Hyflux’s Tuaspring plant, Salim Group to reconsider company takeover

Following the Singapore government’s recent plans to seize Hyflux’s Tuaspring desalination plant, Salim Group has announced that it may change its decision to bailout the troubled homegrown water treatment firm from its massive debts through the company’s restructuring plan. Nikkei Asian Review reported on Tue (19 Mar) that Salim, leader of Hyflux’s bailout consortium, has given the company a notice …

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