Hyflux has till Oct 15 to find Tuaspring buyer

Lender Maybank will refrain from starting enforcement proceedings against plant if criteria met

Hyflux founder Olivia Lum has insisted on getting no less than book value for the loss-making Tuaspring plant (left). This has meant that no offers have been accepted so far.
Hyflux founder Olivia Lum has insisted on getting no less than book value for the loss-making Tuaspring plant (above). This has meant that no offers have been accepted so far. PHOTO: HYFLUX
Marissa Lee
Updated
Jul 07, 2018, 07:19 AM
Published
Jul 07, 2018, 05:00 AM
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Maybank, Hyflux's largest secured lender, has agreed to give the water project developer until Oct 15 to find a buyer and ink a binding purchase agreement for the Tuaspring integrated water and power plant.

Hyflux also has to get approvals from Maybank, national water agency PUB and the Singapore High Court for the divestment by Dec 11. It must then obtain shareholders' approval for the sale by Feb 4 next year.

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A version of this article appeared in the print edition of The Straits Times on July 07, 2018, with the headline Hyflux has till Oct 15 to find Tuaspring buyer. Subscribe

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