Hyflux can gain up to $258m working capital

Under the restructuring plan, Hyflux perpetual securities and preference shareholders will get back about $71.4 million in both cash and equity value.
Under the restructuring plan, Hyflux perpetual securities and preference shareholders will get back about $71.4 million in both cash and equity value.ST PHOTO: LIM YAOHUI

Decision lies with investors voting on deal that will see 60% of firm's share capital going to consortium

A proposed restructuring exercise would give water treatment firm Hyflux a reboot that could gain it up to $258 million in working capital.

But its fate lies in the hands of investors and if they will vote in favour of the proposed deal, which will see the bulk of Hyflux's share capital, 60 per cent, going to SM Investments (SMI), a consortium of Indonesia's Salim Group and energy giant Medco Group.

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A version of this article appeared in the print edition of The Sunday Times on February 17, 2019, with the headline 'Hyflux can gain up to $258m working capital'. Print Edition | Subscribe