SINGAPORE (Oct 18): Two of Indonesia's largest companies have come to the rescue of Hyflux which is saddled with some $2.95 billion worth of debt as at end-March.

SM Investments, a consortium made up of The Salim Group and the Medco Group, will invest $530 million in the water-treatment and power company.

Under a scheme of arrangement, SM Investments will acquire an enlarged 60% stake in Hyflux for $400 million, while granting it a shareholder’s loan of $130 million.

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