Hyflux gets letter of interest from Spain-based company
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Hyflux said yesterday it has received a letter of interest from Spain-based FCC Aqualia.
The letter of interest is for a potential transaction involving Hyflux or its assets, the troubled water treatment firm said in a bourse filing, without disclosing further information.
It added that it will make the appropriate announcements as and when there are material developments in this matter.
Aqualia is a water management company owned by Spain-listed construction group FCC and Australian ethical fund IFM Investors.
Last October, before Hyflux signed a restructuring deal with potential white knight Utico, the Middle Eastern utility firm had claimed that Aqualia and Europe's Suez Group were eyeing Hyflux's Algeria assets. Hyflux has desalination plants in Algeria, in Magtaa and in Souk Tleta.
In March last year, Hyflux received a request for arbitration from state-owned Algerian Energy Company relating to the Souk Tleta plant. It concerned disputes surrounding agreements related to the plant dating back to 2007.
Separately, creditors of Hyflux and three of its subsidiaries will vote on the schemes of arrangement for Utico's rescue package on April 22 and 23.
Before that, the Securities Investors Association (Singapore) or Sias will conduct its own independent town hall sessions on March 23 for the retail holders of the perpetual securities and preference shares.
THE BUSINESS TIMES