Business

Third potential white knight investor for Hyflux makes non-binding letter of intent for overseas assets

Debt-laden water treatment firm and genco Hyflux has received yet another non-binding letter of intent from its third potential white knight investor, which has yet to be named. The company revealed the development in a Singapore Exchange announcement yesterday afternoon (15 May), during which it indicated that the potential new investor is the one of the top 10 largest desalination …

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Lazada and Shopee, top e-commerce mobile shopping apps in Southeast Asia, according to market survey by iPrice Group and App Annie

In today’s rapidly growing e-commerce world, mobile applications play an important role. Based on a report by Google and Temasek, there are more than 350 million internet users in Southeast Asian countries like Singapore, Malaysia, Indonesian, Thailand and Vietnam. More importantly, more than 90% of Southeast Asians connect to the internet mainly through their mobile devices, and this figure is …

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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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