Hyflux in ‘advanced talks’ with two potential investors
Eight financiers submitted expressions of interest for the embattled firm.
Embattled Hyflux may soon see redemption dawn as it has reached ‘advanced talks’ with two potential strategic investors. Moreover, eight financiers have posted expressions of interest for the firm.
In a court hearing, it was revealed that Hyflux aims to finalise the discussions with the two investors as the challenged firm eyes to enter a final agreement by November, depending on approval to be granted by the court.
Also read: What will Hyflux do during its 6-month lawsuit protection?
On an affidavit submitted to the court, Hyflux CEO and executive chairman Lum Ooi Lin laid down the firm’s reorganisation plan for the 6-month moratorium to overcome its cash crunch.
Amongst them is the completion of the TuasOne WTE project which will see its completion delayed by four months due to insufficient funds to keep up the usual level of construction activity as was supposed in the original schedule. Lum also mentioned the divestment of its Tuaspring plant.
“In the last 3 months, the Hyflux Group has pursued these efforts concurrently,” the CEO said. “In doing so, the Hyflux Group has taken care to ensure that the interests of its stakeholders arc not compromised.”
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