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Hyflux
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Stephenchow
Veteran |
15-Apr-2019 20:31
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Win already...... ..........White Knight needs to rescue their own $38.9m..Hyflux Ltd. (the &ldquo Company&rdquo ) refers to its announcements on: (a) 26 March 2019 in relation to disagreements between the Company and SM Investments Pte Ltd (the &ldquo Investor&rdquo ) in respect of the restructuring agreement between them dated 18 October 2018 (&ldquo Restructuring Agreement&rdquo ) (b) 30 March 2019 in relation to statements made in the media and (c) 4 April 2019 in relation to the termination of the Restructuring Agreement. The Company wishes to announce that the Investor has denied that it has repudiated the Restructuring Agreement and the Company has today filed a writ of summons in the Singapore High Court to commence an action against the Investor for repudiation of the Restructuring Agreement and to claim the $38.9 million deposit placed into escrow shortly after the execution of the Restructuring Agreement. The Company will update further as and when there are any further material developments concerning this matter. The Company also wishes to announce the appointment of nTan Corporate Advisory Pte Ltd as an additional advisor in the Company&rsquo s ongoing Court supervised reorganisation process. |
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tonytan44
Supreme |
15-Apr-2019 18:16
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makan 10 times deposit can make 380mil. can make money faster than core business
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guards80
Supreme |
15-Apr-2019 18:12
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Hyflux sues SM Investments over repudiation of rescue deal, claims S$38.9m deposit | ||||
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AhLiang
Elite |
15-Apr-2019 05:58
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The stock market is the only place where such ride-hailing companies can make money. Don't risk.
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Stephenchow
Veteran |
14-Apr-2019 12:00
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NEW YORK (REUTERS) - Uber Technologies Inc has decided it will seek to sell around US$10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday (April 11), people familiar with the matter said on Tuesday. An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014. Uber is seeking a valuation of between US$90 billion and US$100 billion, influenced by the poor performance of smaller rival Lyft Inc' s shares following its IPO late last month, the sources said. Investment bankers previously told Uber it could be worth as much as US$120 billion.
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Starship
Supreme |
12-Apr-2019 01:06
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Stephenchow
Veteran |
11-Apr-2019 21:12
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Justice Aedit noted that with the now-terminated deal with SM Investments, the application for court protection to allow the restructuring to take place has now deviated from its original intention. &ldquo I have expressed on various occasions that I have to be persuaded that there is something tangible before I can extend the moratorium. It has been taking a while and I appreciate that this is a complex restructuring,&rdquo he said, urging Hyflux to reveal an alternative plan to give the court a level of certainty and concreteness to consider an extension. &ldquo I expect that if the company want more time, that something will be put together.&rdquo (concrete rescue plan by 24 April?) 
However, Mr Justin Chia of law firm Eversheds Harry Elias, who represents Ascendas Reit, said his clients have not called off two applications for the landlord to re-enter the Hyflux properties that it owns outside of the moratorium.
Ascendas Reit is the landlord of the Hyflux Building at Kallang Bahru, and the Hyflux Innovation Centre at Bendemeer Road. &ldquo (We) have to see what the company is going to do from now on,&rdquo Mr Chia told the court, adding that the matter will be discussed in a future session. The case conference will continue on April 25. |
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Stephenchow
Veteran |
11-Apr-2019 20:49
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Mr Manoj said: &ldquo If we do intend to apply for the moratorium to be extended, we will need about 10 days to two weeks to talk to the creditors about our next steps.&rdquo Now till 25 April 2019 minus Saturday , Sunday and Good Friday on 19 April only left with 7 working days  Based on their Sept 2018 Quarterly report , they only have $86m cash in hand, how are they going to talk to senior creditors, bankers if they have little or zero cash now? The new rescuer (if any) will need to have $39m in one blow/show hands , bid above $530m and put their 18th generation of ancestors, immdiate family, their pet dog, cats and even mosquitoes in the house under the great secrutiny of the mass media & regulators |
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Starship
Supreme |
11-Apr-2019 17:59
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Hyflux has until Apr 25 to indicate if it needs more time to keep creditors at bay 11 Apr 2019 12:34PM(Updated: 11 Apr 2019 12:59PM) SINGAPORE: With a crucial rescue plan aborted just weeks before its court-approved debt moratorium expires, Hyflux will have until Apr 25 to indicate if it needs more time to keep creditors at bay. However, the beleaguered water treatment firm will need to put together &ldquo something fairly tangible&rdquo by then to convince the court that it deserves an extended lifeline, said Justice Aedit Abdullah on Thursday (Apr 11) during a case management conference. Noting the concerns of some retail investors, Justice Aedit brought up an email he had received from perpetual securities and preference shareholder Violet Seow. &ldquo She has expressed that she has no confidence in the restructuring attempt and says that the company should basically not be allowed to extend the moratorium for too long," he said. While Hyflux has not decided whether to seek an extension in its debt moratorium, WongPartnership lawyer Manoj Sandrasegara told the court that &ldquo all options are on the table&rdquo and the company will be having discussions with all senior unsecured groups. Justice Aedit also asked about the likelihood of a new rescue deal. Mr Sandrasegara, who represents Hyflux, replied that it was &ldquo too premature&rdquo for him to comment. Hyflux&rsquo s next case management conference is scheduled for Apr 25 at 2.30pm. Knee deep in debt, the firm sought court protection to reorganise its debts last May. The lifeline granted to Hyflux is set to expire at the end of this month, after being extended by four and a half months from its original deadline of Dec 18. Under its initial restructuring timetable, Hyflux was to have put its rescue plan up for voting by creditors last week. These were, however, cancelled after the company killed a key investment deal with would-be white knight SM Investments following weeks of disputes. As the clock ticks down to the end of the debt reprieve without a new plan in sight, market observers said the U-turn in Hyflux&rsquo s debt restructuring journey has raised the odds of liquidation &ndash a scenario that will see tens of thousands of retail investors losing almost of their investments. Hyflux, in its announcement last week, sought to reassure stakeholders by saying that it will &ldquo continue to relentlessly pursue all other viable strategic opportunities&rdquo . https://www.channelnewsasia.com/news/business/hyflux-has-until-apr-25-to-indicate-if-it-needs-more-time-to-11433014 |
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Starship
Supreme |
11-Apr-2019 17:55
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enjoylife77
Veteran |
11-Apr-2019 17:25
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PUB will acquired the water treatment plant earlier than the 25 years expected under the BOT agreement. Any businesses run by a kampong woman up north and like to brag brag brag all over the media better avoid. Another was ex-SMRT Mdm Saw Phaik Hwa who single handedly ruined our transport system. | ||||
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Starship
Supreme |
11-Apr-2019 17:14
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Rags-to-riches tale goes sour for Hyflux founder Olivia Lum Bloomberg 11/04/19, 08:11 am(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 public, and the government appears set to step in and take over part of the company&rsquo s biggest asset for nothing. How Lum, who earned a string of international accolades as one of the world&rsquo s most lauded female entrepreneurs, came to this point has raised questions about the culture of investment in Singapore and rattled the island&rsquo s reputation for the checks and balances on how its companies are run. &ldquo As the major shareholder, chairman and CEO, she clearly bears much of the responsibility,&rsquo &rsquo said Mak Yuen Teen, associate professor at National University of Singapore Business School, who specializes in corporate governance. &ldquo However, the board is also collectively responsible as it is supposed to provide oversight.&rsquo &rsquo Saddled with $2.8 billion of unsecured claims and default notices, Hyflux is teetering on the brink of insolvency, leaving thousands of bondholders who stand to lose their money wondering how such a highly respected company could collapse so fast. At the centre of that question is Lum, 58, an orphan who went from abject poverty to build one of Singapore&rsquo s most successful home-grown brands. In the process she garnered the praise of Singapore&rsquo s Prime Minister Lee Hsien Loong when he opened the nation&rsquo s biggest desalination plant in 2013, and made a personal fortune currently valued at US$200 million, according to Bloomberg estimates. &ldquo She was like an Elon Musk of Singapore,&rdquo said Ray Ho, 65, a retiree who bought Hyflux bonds and joined a public protest with hundreds of other small investors on March 30 in Singapore&rsquo s central business district. &ldquo You have not-so-sophisticated investors who buy into a leap of faith because they buy into Olivia Lum.&rdquo Lum&rsquo s schedule is now extremely packed and she&rsquo s unable to comment for this story, a Hyflux spokesperson said in an email. Olivia Lum Ooi Lin&rsquo s rags-to-riches story has been told many times. Abandoned at birth in the district hospital of Kampar, a small town in Perak state in Malaysia, she was adopted by a widow whom she called &ldquo grandmother,&rdquo according to her biography in Singapore&rsquo s National Library. Her foster mother was kind to her, but was a compulsive gambler, playing mahjong for hours on end. As she lost money, the family had to quit their terraced house and garden for a hut with a metal roof and bare-earth floor. The young Lum earned money by weaving baskets, playing the clarinet in funeral processions and selling sandwiches and food to classmates at school, where she proved to be a talented student. At 16, on the advice of her teacher, she moved to Singapore to get a better education, bunking with migrant workers from her hometown. Good grades got her a place at a top senior high school and she paid for her accommodation and studies by tutoring other students and working as a promoter in department stores. She spent her weekends driving to hospitals in Malaysia on her 150cc Suzuki motorbike to visit her sick foster mother, who died while Lum was taking her final exams. Starting Business Despite her grief, Lum won a place to major in chemistry at the National University of Singapore and went on to join Glaxo Pharmaceuticals as a chemist, where she learned about water treatment. Her salary allowed her to buy an apartment, which she sold three years later, raising $20,000 to start her own company, Hydrochem, according to Hyflux&rsquo s website. With two other staff, Lum knocked on doors of factories in Singapore and Malaysia to sell third-party water-treatment equipment. The company expanded into China and by 1999 had developed its own technology using hollow-fibre ultrafiltration membranes. Lum had to persuade corporations that her unknown Singapore brand could compete with big established names. One of her first customers was Singapore&rsquo s bird park, which had just acquired &ldquo some very, very expensive Emperor penguins,&rsquo &rsquo Lum told students at Yale-NUS college in Singapore in 2015. Penguin Test She said the head of the park asked her &ldquo Will you kill my penguins?&rsquo &rsquo &ldquo I said I&rsquo ll drink first,&rsquo &rsquo Lum recalled. &ldquo When he saw I was still surviving, he believed that perhaps this water could be for the penguins.&rsquo &rsquo The new technology was the breakthrough that would transform the company&rsquo s fortunes, allowing it to bring proprietary technology to a market that was under increasing pressure to meet stricter environmental standards in Asia and gain new fresh water supplies in the Middle East. &ldquo Everything comes from membrane technology,&rsquo &rsquo Lum told Bloomberg TV in a 2005 interview. &ldquo We use membrane to treat wastewater we use membrane to desalinate seawater and we use membrane to purify water from the air.&rsquo &rsquo In 2001, the re-branded Hyflux. held its first public share offering, raising $6.8 million. Within three weeks of the start of trading, shareholders had doubled their money. The same year, Hyflux won its first contract for a municipal water treatment plant in Singapore. High-Flier By now Lum was a high-flier, lauded by politicians, business groups and the media as a model female entrepreneur. She became a nominated member of parliament in Singapore, one of a handful of lawmakers appointed by the President. At its peak, her net worth was about US$500 million, according to Bloomberg calculations. While Lum&rsquo s early days were spent selling to clients, she remained a scientist at heart. In a 2002 interview with local magazine Her World, which named Lum Woman of the Year, she said the only department she micromanaged was R& D, which still reported directly to her. The poor orphan had achieved all the trappings of wealth &ndash a Mercedes-Benz, Gucci bag, Prada pumps. She lived in a house with a maid, two dogs, two parrots and a rabbit, according to the magazine interview. But she continued to clock 16-hour workdays, starting at 10 am and holding management meetings at 8 pm. And the company continued to prosper. By early 2011, it had a market value of more than US$1.6 billion. That year, Lum flew to Monte Carlo to be the first woman presented with Ernst & Young&rsquo s World Entrepreneur of the Year award. It was also the year Hyflux won its biggest project: the Tuaspring combined desalination and power plant. By the time the facility opened in 2013, Hyflux&rsquo s expansion was in full spate, especially in the Middle East. The following year, the company announced agreements to build facilities in Oman and Saudi Arabia. Then oil prices collapsed. In less than seven months, crude fell 60% and Middle Eastern states began to stall or cancel infrastructure projects. For some companies doing business in the region, payments were often delayed and new contracts dried up. Debt Pile Lum&rsquo s risk-taking approach and determination to expand the business had resulted in massive borrowing. To fund Tuaspring, Hyflux raised more than $1.4 billion in bank loans, perpetual bonds and an issue of preferred shares. &ldquo While she is undoubtedly a brilliant entrepreneur, she failed to recognise the need to hire a strong CEO&rdquo and a strong and independent board, said Mak at NUS Business School. &ldquo These contributed to the company growing too fast in diverse markets, taking on too much debt and without proper risk management.&rsquo &rsquo Just as a drop in oil prices affected the construction industry in the Middle East, it was a slump in power prices in Singapore as the government deregulated supply that proved the Achilles heel for Hyflux. The Tuaspring project was conceived with the idea that the plant would earn revenue by selling excess power to the nation&rsquo s electricity grid. But as power prices fell, the plant began to lose money. &ldquo Olivia Lum could have been more prudent as a manager in particular with Hyflux&rsquo s decision to bid for Tuaspring,&rdquo said Simon Jong, head of fixed-income research at DBS Group Holdings. &ldquo It might have been better to have been more conservative when bidding for the project, to allow for buffers for execution risk and market weakness.&rdquo Big Losses Among those who helped fund the plant were some 34,000 individual investors who now stand to lose almost everything. Lured by the promise of a 6% annual return forever from a company that was run by one of the nation&rsquo s corporate superstars, many invested their retirement savings. Lum remains positive and is holding up well, according to two people close to her, who asked not to be identified because the matter is private. One of them said she feels bad about what happened to the individual investors and wants to do something to help them. On Feb 16, she offered her stake of 267 million shares and securities as part of SM Investments&rsquo proposed restructuring plan. With the collapse of the deal, Lum is trying to see what else she can do, one of the people said. &ldquo She&rsquo s a fighter, she&rsquo ll fight for what she believes in and do whatever she can to turn this around,&rdquo said Elim Chew, a fellow Singaporean entrepreneur who knows Lum. &ldquo It&rsquo s just sad it&rsquo s her because it&rsquo s so close to home. When you&rsquo re up there, everyone&rsquo s your friend. When you&rsquo re going down, only a few true friends will be there.&rdquo Options Dwindling Lum is running out of options to turn it around. Hyflux has said it is working with key creditor groups and relevant stakeholders to find a way to pursue alternatives after the SM bid failed. But with the court protection deadline looming, Oversea-Chinese Banking Corp. credit research suggested that the likelihood of liquidation had increased. While that may do little to ease the pain of the investors, Lum herself cashed in part of her stake back in 2005, when the stock was near its peak. Property records show her real estate holdings include a two-story house with swimming pool and underground parking that she built on a 2,107 square meter plot on Dalvey Road, in one of the city&rsquo s richest neighbourhoods. While Lum remains financially well off, the empire she spent a lifetime building is coming undone. The company&rsquo s dramatic rise and fall has prompted questions about Singapore&rsquo s business culture and the readiness of individual investors to back projects that seem to have the seal of government approval, often without understanding the risks. In a note on April 8, S& P Global Ratings warned that more defaults could occur in Singapore. &ldquo Corporate governance in Singapore is not as good as we would like to believe,&rsquo &rsquo said Mak at NUS. &ldquo Other companies dominated by founders who are unwilling to let go and bring in the right people may go the same way.&rsquo &rsquo https://www.theedgesingapore.com/rags-riches-tale-goes-sour-hyflux-founder-olivia-lum  |
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MoonlightFire
Member |
11-Apr-2019 16:56
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Why gov don't want nationalise hyflux? I thought its the pride of the country or something... | ||||
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KAMAL0883
Supreme |
11-Apr-2019 16:54
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No hope already , the coffin is nailed. Unless the Govt step up ............... |
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Starship
Supreme |
11-Apr-2019 16:50
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Backed into a corner, Hyflux remains uncertain over plans to extend debt moratorium 11/04/19, 04:06 pm Hyflux remains undecided over the possibility of seeking an extended debt moratorium ahead of the April 30 deadline, according to the troubled water and power company&rsquo s representing attorney. Speaking on behalf of Hyflux at a case management conference today, WongPartnership lawyer Manoj Sandrasegara reportedly said he had &ldquo no instruction at this stage&rdquo to apply for a moratorium extension, while also opining that &ldquo all options are on the table&rdquo for the firm as it intends to hold discussions with all senior unsecured groups. The news comes after Hyflux, which currently faces $2.8 billion of liabilities, last week saw its restructuring plans collapse when SM Investments &ndash an Indonesian consortium comprising Salim Group and Medco Group &ndash defaulted on its proposed $450 million investment deal to invest in the firm. The potential lifeline agreement fell through when Medco Group did not provide written confirmation that it would proceed with the rescue deal that would have otherwise seen Hyflux minority investors claw back three cents in cash and seven cents worth of cash for each dollar they had invested. The next case management conference is scheduled for April 25, by which Hyflux will have decide on whether it will be applying for a deadline extension or not. Should it do so, the firm will have to present &ldquo something fairly tangible&rdquo to the Singapore courts in order to justify an extension grant, said Justice Aedit Abdullah at the April 11 conference. Without a moratorium extension nor the emergence of a new rescue deal, Hyflux is likely to face liquidation in order to resolve its operational and financial defaults. https://www.theedgesingapore.com/backed-corner-hyflux-remains-uncertain-over-plans-extend-debt-moratorium 
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Starship
Supreme |
11-Apr-2019 16:45
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Hyflux says not decided on whether to apply for extended debt moratorium THU, APR 11, 2019 - 11:19 AM HYFLUX will restart talks with its creditors to explore outcomes other than liquidation, but has not decided yet on whether it will seek an extended debt moratorium from the Singapore High Court. WongPartnership lawyer Manoj Sandrasegara, who represents Hyflux, told a case management conference on Thursday: &ldquo I have no instruction at this stage to apply to extend the moratorium. Briefly I think all options are on the table for the company and the company intends to have discussions with all senior unsecured groups.&rdquo The update comes after Hyflux last Thursday terminated a crucial rescue deal, with just weeks to go before the insolvent water and power plant company loses court protection from creditors when its moratorium expires on April 30. The deal was killed after SM Investments, the Indonesian investor group led by billionaire Anthoni Salim, failed to show commitment to its earlier agreement to inject S$530 million into Hyflux. In Court on Thursday, Justice Aedit Abdullah asked how likely it is for Hyflux to cobble out a new rescue plan. Mr Sandrasegara replied: &ldquo It&rsquo s too premature. I can&rsquo t say much.&rdquo In Court on Thursday, none of the lawyers representing Hyflux&rsquo s various stakeholders were impatient for its moratorium to be lifted. But Justice Aedit noted that some retail investors might feel otherwise. He cited an email he had received from retail perpetual securities holder Violet Seow: &ldquo She has expressed that she has no confidence in the restructuring attempts and says that the company should basically not be allowed to extend the moratorium for too long.&rdquo Hyflux&rsquo s next status conference will take place on April 25 at 2.30pm. Any application to extend the moratorium will be made by then. Justice Aedit stressed that if Hyflux does indeed seek to push out the expiry date of its court moratorium, he will need to see a feasible plan before he can agree to grant them more time: &ldquo I will have to be persuaded that there is something fairly tangible before I can extend the moratorium further. It&rsquo s been taking a while... &ldquo The test at this point may be different from what it was at the inception of the application.&rdquo https://www.businesstimes.com.sg/companies-markets/hyflux-says-not-decided-on-whether-to-apply-for-extended-debt-moratorium |
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Stephenchow
Veteran |
10-Apr-2019 20:18
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https://www.msn.com/en-sg/news/singapore/acra-keeping-a-close-watch-on-hyflux-and-its-scandal-ridden-audit-firm-accused-of-fraud-and-corruption-by-govts-around-the-world/ar-BBVMYJ8?ocid=spartanntp |
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Starship
Supreme |
10-Apr-2019 11:57
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Just like those notorious Nanning Investment Scams that many in SG, Msia, Taiwan fell for ................... 
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joker123
Senior |
10-Apr-2019 11:55
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that is the difference between a good and lousy CEO. Most SGX companies CEO cares about their salary, the founding of the companies is not about growth but is rather to have a company they can draw fixed salary and when companies burst, not their issue
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joker123
Senior |
10-Apr-2019 11:52
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https://sbr.com.sg/financial-services/in-focus/hyflux-troubles-trickle-down-nearly-4b-corporate-bonds-mature-end-2019 Never invest in Bonds Companies just want your money to pay for their CEO and managment bonus and salary and use your money to pay your coupon, when due dates comes, they tell you no money and even close shop and bye. Dun buy bonds
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