Company Briefs: Hyflux


Hyflux yesterday said its subsidiary, Tuaspring, will have its application for a debt moratorium heard at the Supreme Court of Singapore on July 6.

Tuaspring is seeking a stay on creditor claims under Section 210(10) of Singapore's Companies Act, in order to facilitate a court-supervised restructuring process.

Tuaspring has a total bank debt of $518.4 million. This was owed to Maybank under a project financing loan, secured by the Tuaspring integrated water and power project.

On Tuesday, Hyflux and four of its subsidiaries were granted a six-month reprieve from creditors by a Singapore court. Tuaspring was excluded from this application.

Singapore Myanmar Investco

A joint venture partner of mainboard-listed Singapore Myanmar Investco (SMI) has filed an originating summons to block SMI's US$10.8 million (S$14.7 million) proposed disposal of TPR Myanmar.

SMI said late on Wednesday night that the solicitors of Golden Infrastructure Group (GIG) had filed the summons seeking an injunction against the completion of the TPR sale to Tiger Infrastructure.

GIG is a minority joint venture partner in TPR's parent company Myanmar Infrastructure Group (MIG), a telecommunications tower business which is 97 per cent held by SMI.

GIG had sought among other things, a declaration that any directors' resolution passed by MIG's board approving the disposal is in breach of a joint venture shareholder agreement dated June 1, 2014 between SMI and GIG.

Sunpower Group

Mainboard-listed Sunpower Group is one of three parties which have won a tender worth 105 million yuan (S$22 million) from Shanxi Taigang Stainless Steel, one of the world's largest stainless steel manufacturers, the company said yesterday.

This is the fourth flue gas desulphurisation (FGD) tender that the environmental protection solutions firm has secured this year.

Under the contract, Sunpower is to provide FGD engineering, procurement and construction services for Shanxi Taigang's coking plant.

As part of the tripartite consortium that secured this tender, Sunpower will undertake about 60 per cent of this project.

A version of this article appeared in the print edition of The Straits Times on June 22, 2018, with the headline 'Company Briefs: Hyflux'. Print Edition | Subscribe