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Business

Hyflux saga: Maybank to take over Tuaspring power plant, PUB to take over Tuaspring water desalination plant

Debt-ridden water treatment firm Hyflux will no longer be in charge of its Tuaspring power plant starting this week as Maybank, the company’s largest secured creditor, has appointed receivers and managers from insolvency firm Ferrier Hodgson to seize control of the plant. The Straits Times also reported that the Public Utilities Board, Singapore’s national water agency, will takeover the Tuaspring …

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Hyflux in talks with latest potential white knight investor Oyster Bay Fund

Debt-laden water treatment firm Hyflux has received a non-binding letter of intent from Oyster Bay Fund in a race to secure a new white knight investor before the end of its extended debt moratorium at the end of this month after its termination of a S$380mil bailout deal with Indonesian conglomerate Salim-Medco Group – via its Singapore arm SM Investments …

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No data breach despite unauthorised transactions on Fevo cards: EZ-Link

Following its detection of unauthorised overseas transactions made via the Fevo Mastercard prepaid cards, electronic payment system provider EZ-Link has clarified on Fri (3 May) that no data was compromised in the process. EZ-Link, a subsidiary of the Land Transport Authority (LTA) and Mastercard Worldwide, added that the CEPAS cards were not affected. Responding to queries from The Straits Times, …

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High Court to extend Hyflux’s debt moratorium until end of May; Maybank issues letter of demand over $509mil payments

The Singapore High Court has extended beleaguered water treatment firm and genco Hyflux’s debt moratorium until the end of next month on 24 May as the company seeks to secure a new white knight investor in a race against the prospect of liquidation. The extension was granted upon Hyflux merely days before the original expiry date of Hyflux’s court protection …

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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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