Company Briefs: Hyflux


Hyflux said on Monday that it has obtained approval from secured lender Maybank to extend the timeline for the divestment of its Tuaspring integrated water and power plant.

Maybank is now giving Hyflux until Jan 31, 2019, to execute a binding agreement with a successful bidder or investor, an extension of the Oct 29, 2018, deadline earlier agreed upon. The bank reserves the right to terminate the collaboration agreement if the new deadline is breached.

China Everbright Water

China Everbright Water will receive a total subsidy of 42.68 million yuan (S$8.5 million) from a government fund in China for the construction of three projects.

Zhenjiang Sponge City Construction PPP (Public-Private Partnership) Project was approved for the largest subsidy at 30.8 million yuan.

Jiangyin Chengxi Waste Water Treatment Project Phase III and Chengxi Project Phase III Pipeline Network Pump Station were approved for a subsidy of 11.88 million yuan.

Separately, a unit of the water-treatment company also received funding of 1.2 million yuan after being named a provincial environmental science hub of Shandong Province.

ISR Capital

ISR Capital's long-drawn-out $3 million acquisition of a rare-earth mining asset in Madagascar will finally come to fruition as the company announced it waived a sale condition so as to proceed with the deal's completion.

This was scheduled to take place on or around Dec 31, 2018.

ISR, which has been on the Singapore Exchange's watch list since December 2017, has faced questions over its purchase of the 60 per cent stake in Tantalum Holding (Mauritius), which fully owns a unit that holds an exploration licence for a rare-earth mining concession in Madagascar.

The purchase has been in the works for more than two years.

The waived condition relates to ISR and the seller REO Magnetic agreeing on the project's cash flow budget and liquidity plan.

ISR will issue 747 million new shares at 0.4 cent apiece for the purchase, bringing the total number of shares in the company to nearly 3.91 billion.

A version of this article appeared in the print edition of The Straits Times on January 02, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe