Management & Corporate Governance

PUB issues notice to take over Hyflux's Tuaspring desalination plant to 'safeguard Singapore's water security'
SINGAPORE (Apr 17): National water agency PUB has issued a notice to terminate its water purchase agreement with Hyflux subsidiary Tuaspring and take over the Tuaspring desalination plant at the end of the 30-day notice period. A statutory board under the Ministry of the Environment and Water Resources, PUB said in a statement on Wednesday that this was “to safeguard Singapore’s water ...
Rags-to-riches tale goes sour for Hyflux founder Olivia Lum
(Apr 11): Olivia Lum is running out of time to save the company she spent a lifetime building. The founder of Singapore-based water and power company Hyflux, which could see its court protection from creditors expire at the end of the month, has had a torrid two weeks. A white-knight takeover that might have kept the company together has collapsed, hundreds of angry creditors protested in ...
Don't blame Singapore investors for Hyflux loss: Andy Mukherjee
SINGAPORE (Apr 10): If success has many fathers, failure in financial markets is no orphan either: It almost always ends up in the lap of retail investors. In Hyflux, there are 34,000 of these moms and pops, set to lose most – if not all – of the $900 million they plonked down in the troubled Singaporean water and power firm’s preference and perpetual shares. Those securities are in ...
Stonewalling by management on audit matters led Camsing Healthcare IDs to quit
SINGAPORE (Apr 8): By resigning en masse on Mar 20, it was the intention of the three former Camsing Healthcare independent directors (IDs) to force management to address critically important audit concerns, despite outstanding audit matters. This was the explanation given by former IDs Lau Chin Hock Kenneth Raphael, Ong Wei Jin and Maurice Tan Huck Liang after Singapore Exchange Regulation ...
DBS complied with rules as issue manager of Hyflux perps in 2016: MAS
SINGAPORE (Apr 8): The Monetary Authority of Singapore says that its supervisory reviews to date have not uncovered any impropriety on the part of DBS when performing its roles as both issue manager and distributor of Hyflux perpetual securities in 2016. See: Hyflux rescue bid by SMI falls through amid conflicting statements The MAS spokesperson adds that DBS, in its capacity as the issue ...
Hyflux rescue bid by SMI falls through amid conflicting statements
SINGAPORE (Apr 6): Two mid-day announcements on April 4 by Hyflux and its rescuer SM Investments left both investors and market watchers confused. First, Hyflux cancelled the meetings to vote on a scheme of arrangement scheduled for April 5 and 8, because it claimed SMI had repudiated the restructuring agreement. See: Hyflux scraps restructuring plan after spats with ...
Hyflux scraps restructuring plan after spats with investors
(Apr 4): One of Singapore’s highest-profile corporate debt restructurings was thrown into disarray on Thursday, as embattled water and power company Hyflux scrapped a pact with its would-be saviour. The rupture follows disputes in recent weeks with SM Investments, the consortium of Indonesian businessmen that agreed last year to rescue Hyflux in return for a majority stake. It adds further ...
Hyflux survival in doubt as investor deal collapses
SINGAPORE (Apr 4): Water treatment company Hyflux said on Thursday that a lifeline deal with its prospective Indonesian investor had been terminated, throwing the beleaguered Singaporean firm's debt restructuring plans into doubt. Hyflux said in a statement that a deal with SM Investments, a consortium of Indonesia's Salim Group and Medco Group, had been called off after it failed to confirm ...
White knight SM Investments walks away from Hyflux rescue deal
SINGAPORE (Apr 4): Indonesian consortium SM Investments has aborted its proposed deal to invest in Hyflux, ending an agreement that was seen as a lifeline for the beleaguered water treatment company. See: Total compliance in financial reporting, but was it misleading? Hyflux said in a statement on Thursday that the deal with SM Investments, made up of Indonesia's Salim Group and Medco ...
Singapore authorities to continue investigation of key Midas personnel amid winding-up woes
SINGAPORE (April 2): Singapore’s authorities say they will continue their investigation into Midas Holdings’ former directors and officers in the event that the insolvent company winds up. This comes amid a year-long investigation into Midas Holdings as the company’s former directors and officers by the Commercial Affairs Department (CAD) and Monetary Authority of Singapore ...