Hyflux appoints advisors for Tuaspring plant divestment evaluation

Tuaspring Desalination Plant, one of the desalination plants built by water treatment firm Hyflux.
Tuaspring Desalination Plant, one of the desalination plants built by water treatment firm Hyflux.PHOTO: HYFLUX

SINGAPORE - Hyflux said on Monday that it has appointed DBS Bank and China International Capital Corp as financial advisors to evaluate its strategic options with respect to the partial divestment of the Tuaspring plant.

On Feb 23, Hyflux had said that it was seeking partial divestment of the Tuaspring plant subject to the relevant regulatory approvals, in line with its asset light strategy.

In the year ended Dec 31, losses from the Tuaspring power plant due to a weak Singapore power market substantially wiped out Hyflux's profits from higher engineering, procurement and construction activities.