One of two approved parties bid for Tuaspring: Hyflux

Only one of two parties approved by regulatory authorities has lodged a bid for the Tuaspring water and power project put up for sale by embattled water treatment firm Hyflux Group.

Hyflux, which is seeking to restructure its debt, said yesterday that it could not provide further details because of confidentiality requirements and to protect the company's interests in negotiations.

The announcement came just over a week after Bloomberg reported that Keppel Corp and Sembcorp Industries were the only parties pre-approved by the PUB as potential buyers. It also noted that only Sembcorp had submitted a final bid.

In a previous response, Hyflux did not comment on the pre-approval or the existence of a bid.

Hyflux reiterated yesterday that it remains in separate but parallel talks about strategic investments in the overall business, with or without Tuaspring.

It said it has not committed itself to any particular option or any of the proposals received and remains open to considering various opportunities. Proposals are also subject to approval by the relevant authorities where required.

The sale of Tuaspring, which includes South-east Asia's largest desalination plant, is a key component in Hyflux's plans to obtain capital and restructure its debts.

The sale of Tuaspring, which includes South-east Asia's largest desalination plant, is a key component in Hyflux's plans to obtain capital and restructure its debts.

Bloomberg, citing sources, said Sembcorp's offer was below Tuaspring's book value and will not be enough to fully pay back loans to the project's main creditor, Maybank.

A version of this article appeared in the print edition of The Straits Times on October 13, 2018, with the headline 'One of two approved parties bid for Tuaspring: Hyflux'. Print Edition | Subscribe