SINGAPORE — Former Chief Executive Officer of Hyflux Ltd (Hyflux), Ms Lum Ooi Lin, its former Chief Financial Officer, Mr Cho Wee Peng, and four independent directors of Hyflux at the material time were charged in court on Thursday (17 Nov) for disclosure-related offences under the Securities and Futures Act (SFA). Ms Lum was further … Read more
The application to place debt-ridden water treatment firm Hyflux under judicial management was only approved by the High Court after it had granted 10 extensions to Hyflux, despite the existing poor corporate governance and mismanagement which have led to its collapse. This was highlighted by Mak Yuen Teen – an associate professor at the National … Read more
Beleaguered Singapore-based water treatment firm Hyflux has reportedly been placed under judicial management order on Monday (16 November). The judicial management application was filed by an unsecured working group (UWG) of bank lenders on 13 August. These creditors include Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank. The … Read more
Singapore-based water treatment firm Hyflux has reportedly delayed a town hall meeting with suitor Utico to allow Pison Investments to put forward its proposal to some holders of preference shares and perpetual securities (PnP). Utico had earlier on (1 Oct) extended the deadline to 15 October for Hyflux to accept its proposed rescue deal, from … Read more
Utico has extended the deadline for acceptance of its proposed rescue package to 15 October, the Singapore-based water treatment firm Hyflux said in a filing to the Singapore Exchange on Wednesday (9 Sept). Earlier on 13 August, Hyflux announced that the unsecured working group (UWG) of bank lenders has sought to place it under judicial … Read more
Earlier on 13 August, debt-laden water treatment firm Hyflux announced that the unsecured working group (UWG) of bank lenders has sought to place the firm under judicial management. It noted that the High Court has extended the deadline of the application to 12 August, from its initial deadline on 7 August. The group – comprised … Read more
The Singapore-based water treatment firm, Hyflux, has incurred a snowballing mountain of debt for years. In 2017, Hyflux’s Tuaspring Integrated Water and Power Project (Tuaspring IWPP) registered a net loss of S$81.9 million, with wholesale electricity prices clearing at levels below fuel costs. The company marked its first full-year losses of S$116.4 million that year … Read more
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 … Read more
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 … Read more