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Utico FZC has submitted a binding offer to invest S$400 million ($294 million) in Singapore's indebted water treatment firm Hyflux Ltd, the chief executive of the United Arab Emirates-based utility said on Sunday. Utico would provide working capital and any urgent interim funding to Hyflux as part of the offer, Richard Menezes said. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors.
April 19 (Reuters) - Hyflux Ltd: * SAYS IT AND TUASPRING RECEIVED LETTER FROM MAYBANK TERMINATING COLLABORATION AGREEMENT * HYFLUX SAYS IN INTERIM, TUASPRING IWPP POWER PLANT OPERATIONS EXPECTED TO CONTINUE ...
Singapore moved to take control of debt-laden Hyflux's key water treatment plant on Wednesday, a day after authorities said they were reviewing the company's disclosures to see if it has breached any laws. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors. Singapore's national water agency, PUB, issued a notice to Hyflux on Wednesday saying it would take over the company's Tuaspring desalination plant in 30 days and terminate its water supply deal.
Hyflux submitted its latest statement of financial position to the High Court of the Republic of Singapore on Friday, in which the impairment figure was released. The investment holding firm, which caters to the city-state's water and fluid treatment segment as well as liquid separation applications for manufacturing sector, said the pro-forma restructured financials were prepared for "illustrative purposes only". "...Hyflux intends to commission a further valuation to be undertaken by a different valuer for the purposes of finalising the 2018 full year financial results," the company said.
Singapore water treatment firm Hyflux Ltd, which is in the midst of a court-supervised reorganisation, said Indonesia's Salim Group and Medco Group had agreed to acquire 60 percent of the company for S$400 million ($290 million), a move that gives it a lifeline for its struggling business. The new joint venture called SM Investments Pte Ltd has also agreed to give Hyflux a loan of S$130 million, Hyflux and the two Indonesian firms said in a joint statement on Thursday. "The investor was identified by the company through a competitive bidding process undertaken by the company as part of its restructuring plans," Hyflux said, adding that the investors would also give it a S$30 million loan ahead of the proposed equity investment to meet its working capital requirements.