When investors hear the words “water treatment company”, one stock that comes to mind is Hyflux. Once upon a time, Hyflux was the local gem that showed a promising future. But no one would have imagined that Hyflux’s growth would end up hurting its financials, causing the company to suffer the ignominy of liquidation.

In February 2020, when another homegrown water treatment company Memiontec listed on the Singapore Exchange (SGX), investors were not particularly enamoured with companies from this industry. Hyflux had already been embroiled in a series of start-stops, twists and turns as one rescue or restructuring proposal was floated after another before eventually winding up in July.

Incorporated in 2013, Memiontec provides water treatment and wastewater management services across Indonesia, Singapore and China, while supplying water through transfer-own-operate-transfer (TOOT) and build-own-operate-transfer (BOOT) projects, which involve partnerships or joint ventures with public or private entities.

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