SINGAPORE - Mainboard-listed water and environmental solutions company Hyflux said its wholly owned subsidiary, Hyflux Capital (Singapore), has entered into a shareholders' agreement with Tuspark Technology Services Investment to set up an investment holding company.
The investment holding company will hold strategic investments in water projects in China, Hyflux said in a filing with the Singapore Exchange on Wednesday.
Hyflux Capital will hold a 25 per cent stake in the investment holding company.
Sring China Utility, another wholly owned subsidiary of Hyflux, has agreed to eventually sell its equity interests in five special purpose vehicles to the investment holding company for 890 million yuan (S$195 million).
The special purpose vehicles hold five of Hyflux's water plants in China.
Tuspark TSI is a subsidiary of TUS-Holdings Co. the former Tsinghua University Science Park (TusPark) Development Center founded in August 1994.