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.
The Hyflux Innovation Centre at 80 Bendemeer Road on Feb 16, 2019.ST PHOTO: LIM YAOHUI

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.

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