Hyflux races against time in hunt for new white knight; in talks with potential investors, say sources
Potential investors continue to be interested in investing in Hyflux but more time is needed to hammer out any rescue deal, said a source.
[SINGAPORE] Former white knight SM Investments (SMI) has said it will be suing debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday (April 19).
The move means both Hyflux and SM Investments will be making a grab for the $38.9 million deposit that was placed in escrow by the latter for the restructuring agreement.
According to a recent survey by AON, the inability to meet evolving customer needs and increasing competition are the top risks for Singapore SMEs.
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NATIONAL water agency PUB has issued a takeover notice to Tuaspring Pte Ltd (TPL) to take over the desalination plant and terminate its water purchase agreement with parent Hyflux.