The insolvent water treatment firm Hyflux was set to lose control of its Tuaspring Integrated Water and Power Plant after the water purchase agreement with National water agency PUB terminated on May 17 and PUT was set to assume control of the plant on May 18.
The company's biggest secured creditor, Maybank, has appointed receivers and managers from insolvency firm Ferrier Hodgson to take over the power plant.
Contrary to the reports, Hyflux has also disclosed that it has received a draft term sheet on May 6 from the advisers of United Arab Emirates utility Utico. Utico offered to invest US$400 million in Hyflux. Hyflux advisers are in active discussions with Utico's advisers about the proposed terms of Utico's investment offer.
Hyflux is also in the process of discussions with Oyster Bay Fund which proposed an investment of US$ 500 million.
Country updates
-
-
April 10, 2019
EOI issued to appoint Technical Advisory Consultant for Kuala Lumpur-Singapore High Speed Rail (KL-SG HSR) project
Contracting authority MyHSR Corporation Sdn Bhd (MyHSR), a company owned by the Ministry of Finance in Malaysia launched an EOI seeking Technical Advisory Consultant for Kuala Lumpur-Singapore High-Sp...
Read more -
March 20, 2019
Tax guidance launched for Singapore PPPs
The Inland Revenue Authority of Singapore (IRAS) has published new guidance on the tax treatment of Public-Private Partnerships (PPPs) called "IRAS e-Tax Guide - Tax Treatment of Public-Private&n...
Read more -
February 01, 2019
Addleshaw Goddard appoints infrastructure and project development lawyer in Singapore
Addleshaw Goddard has continued its investment drive in Asia with the hire of Ton van den Bosch, who joins the firm's Singapore office as a partner in the Corporate team on 1 February 2019. Ton...
Read more -
September 06, 2018
Governments of Malaysia and Singapore sign agreement to defer US$10 billion high speed rail PPP
The governments of Malaysia and Singapore have confirmed in a joint statement that construction of the Kuala Lumpur-Singapore High Speed Rail (HSR) project is suspended for a period up to 31 May...
Read more -
August 27, 2018
Singapore agrees to defer high-speed rail project to Kuala Lumpur
The governments of Singapore and Malaysia have reportedly agreed to defer the Kuala Lumpur-Singapore High-Speed Rail (HSR) project. The two governments signed a Memorandum of Understanding (MoU)...
Read more
