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.