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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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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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