Home-grown Hyflux made its name in treating water. Coupled with the gumption of founder-CEO Olivia Lum, it became an international brand in desalination with operations in 23 jurisdictions globally, was held up as a role model for other local entrepreneurs, and turned its founder into one of South-east Asia's richest businesswomen.

But after nearly 30 years of setting benchmarks, Hyflux has hit the skids. In February, the company posted its first annual loss of $116.4 million for FY2017.