Hyflux saga: Investor watchdog asks PUB for evidence SMI will walk away from restructuring offer

The Hyflux Innovation Centre at 80 Bendemeer Road on Feb 16, 2019. ST PHOTO: LIM YAOHUI
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Investor watchdog Securities Investors Association (Singapore), or Sias, on Tuesday afternoon (March 26) asked national water agency PUB if it had "any intimation" from white knight Salim-Medco consortium that it was walking out of its $530 million restructuring offer for beleaguered water treatment firm Hyflux.

SM Investments (SMI) has offered to bail out Hyflux with a $530 million lifeline for 60 per cent of the restructured company, but it has also notified Hyflux that it reserves the right to leave the deal on April 1 unless Hyflux fixes the defaults as stated by PUB.

Already a subscriber? 

Dive deeper at $0.99/month

Want more exclusives, sharp insights into what's happening at home and abroad? Subscribe to stay informed.

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • 2-week e-paper archive so you never miss out on any topic that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.