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Latest Forum Topics / Hyflux    Last:0.21 --  Post Reply
Hyflux
kerier
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20-Jul-2018 08:22     
 
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 Alert Admin 		no, the banks do not want to hold assets. maybank will seek to sell the asset to PUB approved buyers. 

kimbwu      ( Date: 20-Jul-2018 08:17) Posted:

Will Hyflux becomes Malaysia asset since  the company main lender is Maybank, and the wise man is talking about the water pricing from SG.
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Stephenchow
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20-Jul-2018 08:22     
 
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 Alert Admin 		I' ve already written off mine sad, selling a high ticket plant within this short period is like trying to sell one squadron of F35 within 3 months.
They are in catch 22 situation, malayisan bank loan is $589m, likely to be their reserved price  if they take over.

investshare      ( Date: 20-Jul-2018 08:05) Posted:

Seem like most liability is non-bank, so Maybank likely can get back their loan. Bond holder next. Equity holder likely nothing left.
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kimbwu
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20-Jul-2018 08:17     
 
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 Alert Admin 		Will Hyflux becomes Malaysia asset since  the company main lender is Maybank, and the wise man is talking about the water pricing from SG.
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investshare
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20-Jul-2018 08:05     
 
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 Alert Admin 		Seem like most liability is non-bank, so Maybank likely can get back their loan. Bond holder next. Equity holder likely nothing left.
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Observers
Elite
20-Jul-2018 07:56     
 
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 Alert Admin 		I rather the govt invite some China water SOE to bid for the plant on a at-arms-length basis.

With their massive scale of operations in China, they could probably import cheaper materials and manpower pushing down cost, and possibly more if they work in tandem with their sister SOE Huaneng power plant, and then hopefully when we renegotiate the water contract with Malaysia in 2061, we would be in a take it or leave it position of strength.

Octavia      ( Date: 18-Jul-2018 16:34) Posted:

A homegrown Singaporean company that owns one of the financial centre&rsquo s three seawater desalination plants is struggling to stay afloat. Whether Hyflux Ltd sinks or swims will matter to creditors and shareholders. The strategic stakes, though, are far higher.

Now that Singapore&rsquo s old foe Dr Mahathir Mohamad is back as Malaysia&rsquo s prime minister, and once again threatening to renegotiate a 1962 agreement to supply raw water to the city-state, making sure the  Hyflux plant is owned until 2038 by a friendly buyer  could become an issue of national security. (After 2038, the facility will be owned by the Public Utilities Board, or PUB.)

In return for refraining from enforcement proceedings, Malaysian state-owned lender Malayan Banking Bhd has got Hyflux to agree to sell its interest in subsidiary Tuaspring Pte&rsquo s integrated water and power project by mid-October. By Dec 11, Maybank, the sole secured creditor to the project, wants the deal approved by the PUB and the Singapore High Court, if required.

The timelines are tight, considering Hyflux has been looking for a buyer for Tuaspring for more than a year. The problem is the 411-megawatt power-generation unit attached to the desalination plant. Rampant overcapacity in Singapore&rsquo s electricity industry will make it tough to line up suitors.

So how does Singapore ensure the plant stays in safe hands? A template may exist in the resolution of SMRT Corp, whose minority shareholders were bought out in 2016 by state investment firm Temasek Holdings Pte, effectively nationalising the island&rsquo s stoppage-prone main subway operator (after making it offload trains and signalling systems to the transport regulator).

If SMRT&rsquo s problem was systematic underinvestment, Hyflux&rsquo s weakness is an overstretched balance sheet. By helping it shed some of its debt load, Singapore can consolidate the existing fragmented ownership of critical water assets. SingSpring, which was Singapore&rsquo s first desalination plant, is 70% owned by publicly traded Keppel Infrastructure Trust. Hyflux controls the remaining 30%. The PUB owns Singapore&rsquo s third and latest desalination plant.

Hyflux may not have a direct link to the government. But its business of water is as much the state&rsquo s headache as the subway network.

One way to help Hyflux restructure could be to house, say, a 70%-equity share in Singapore&rsquo s water assets &ndash SingSpring, Tuaspring and the new PUB plant &ndash in Keppel Infrastructure Trust. The significant direct and indirect exposure of Temasek to the trust would protect Singapore&rsquo s strategic interests. A joint 70:30 bid by Keppel Infrastructure Trust and PUB for Tuaspring would see off Maybank and make the state&rsquo s control foolproof. Additionally, PUB could buy Hyflux&rsquo s residual 30% share of SingSpring, hydrating the thirsty water firm with some more liquidity.

That would be a better outcome than liquidation of a rare successful entrepreneurial venture in an economy dominated by multinationals and state-backed enterprises. As an asset-light operator in Singapore, Hyflux founder Olivia Lum can focus on the Middle East, where the group has projects in Algeria, Saudi Arabia, Egypt and Oman.

Singapore needs Hyflux&rsquo s expertise, not its balance sheet. The island&rsquo s water requirements are projected to double from the current 430 million gallons per day by 2060 &ndash a year before the 1962 agreement with Malaysia expires. The existing desalination capacity can meet only 130 million gallons of demand. Even with the big push by the government to recycle wastewater, more plants to treat seawater would be needed.

Mahathir&rsquo s threat may be an empty one, but Singapore won&rsquo t want to be under its neighbour&rsquo s thumb. A lifeline for Hyflux could go some way in the resource-poor city&rsquo s bid to secure its destiny.
 

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sharez
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20-Jul-2018 07:31     
 
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 Alert Admin 		https://www.businesstimes.com.sg/companies-markets/investors-lament-lack-of-progress-on-hyflux-revamp-tuaspring-sale
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Stephenchow
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19-Jul-2018 22:30     
 
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 Alert Admin

 

JOHOR BAHRU: The crown prince of Johor, Tunku Ismail Sultan Ibrahim, has said that water in the state belongs to the state government, and he prefers that  the federal government not interfere on the issue, as it relates to the existing agreement with Singapore. 

Speaking in an exclusive interview with Channel NewsAsia on Thursday (Jul 19), he stressed that water is an issue over which the state has sovereignty, and that the Johor state government should decide on a &ldquo win-win&rdquo agreement with Singapore.
&ldquo At the end of the day, the water in Johor belongs to Johor. Water is state sovereignty. When it comes to religion, land and water, it belongs to the state. Therefore, I think it' s the Johor state government (that) should decide. (I prefer) not to have federal interference when it comes to water between Johor and Singapore,&rdquo said Tunku Ismail.

 
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fatpanda
Supreme
19-Jul-2018 21:25     
 
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Yells: "Another wonderful day!"
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 Alert Admin 		Maybe Dr. M can use the money for HSR and bid for Hyflux asset. Then he not only can cut off raw water supply to Sinkies, he also can turn off the processed water if he need money, and demand Sinkies to pay more to buy raw and processed water from him.
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Stephenchow
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19-Jul-2018 21:16     
 
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 Alert Admin 		https://www.businesstimes.com.sg/companies-markets/no-serious-bids-yet-for-tuaspring-hyflux-says
Binding bids will have to be made by an  Oct 1 deadline. Hyflux' s main lender Maybank has given it until Oct 15 to  ink a binding purchase agreement. 
Indeed only left with 2 months plus (70 days) for bidder (if any)

  Banks at the senior unsecured level have only in the last two weeks just formed a working group. We have to get the perp and preference holders to likewise organise themselves into a steering committee or representative group. Once that' s done then we sit down and start talking to negotiate a plan. Once we have a plan, then we' ll start the consent solicitation.   
This is the Key paragraph for all unsecured holders..
 
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tonylim2
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19-Jul-2018 20:10     
 
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 Alert Admin 		Big wayang to show they are serious in solving the shits .
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Stephenchow
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19-Jul-2018 20:04     
 
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 Alert Admin 		On the sale of this crucial asset, Hyflux said it is in touch with a total of eight bidders at the moment though it has not gotten any &ldquo real firm offer&rdquo .surprise
Is it verbal offer as in fish market?  cheeky
July 19 already......
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Stephenchow
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19-Jul-2018 19:55     
 
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 Alert Admin 		update:-

https://www.channelnewsasia.com/news/business/hyflux-working-hard-to-stay-viable-ensure-fair-treatment-to-10544956
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MikeL2009
Senior
19-Jul-2018 16:56     
 
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 Alert Admin 		Heard OL is from NCC.
Only her God can help her.
Dr M is only but a vessel. That is, if things pan out well.indecision
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chengwh1
Elite
19-Jul-2018 16:14     
 
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 Alert Admin 		" Dr M coming onboard is about at the right time to help-out in this issue for Hyflux investors now ! " - This is what I think,....
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ysh2006
Supreme
18-Jul-2018 17:13     
 
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 Alert Admin 		See Ms Lam how she think coming SIAS organised meeting with investors......

Octavia      ( Date: 18-Jul-2018 16:34) Posted:

A homegrown Singaporean company that owns one of the financial centre&rsquo s three seawater desalination plants is struggling to stay afloat. Whether Hyflux Ltd sinks or swims will matter to creditors and shareholders. The strategic stakes, though, are far higher.

Now that Singapore&rsquo s old foe Dr Mahathir Mohamad is back as Malaysia&rsquo s prime minister, and once again threatening to renegotiate a 1962 agreement to supply raw water to the city-state, making sure the  Hyflux plant is owned until 2038 by a friendly buyer  could become an issue of national security. (After 2038, the facility will be owned by the Public Utilities Board, or PUB.)

In return for refraining from enforcement proceedings, Malaysian state-owned lender Malayan Banking Bhd has got Hyflux to agree to sell its interest in subsidiary Tuaspring Pte&rsquo s integrated water and power project by mid-October. By Dec 11, Maybank, the sole secured creditor to the project, wants the deal approved by the PUB and the Singapore High Court, if required.

The timelines are tight, considering Hyflux has been looking for a buyer for Tuaspring for more than a year. The problem is the 411-megawatt power-generation unit attached to the desalination plant. Rampant overcapacity in Singapore&rsquo s electricity industry will make it tough to line up suitors.

So how does Singapore ensure the plant stays in safe hands? A template may exist in the resolution of SMRT Corp, whose minority shareholders were bought out in 2016 by state investment firm Temasek Holdings Pte, effectively nationalising the island&rsquo s stoppage-prone main subway operator (after making it offload trains and signalling systems to the transport regulator).

If SMRT&rsquo s problem was systematic underinvestment, Hyflux&rsquo s weakness is an overstretched balance sheet. By helping it shed some of its debt load, Singapore can consolidate the existing fragmented ownership of critical water assets. SingSpring, which was Singapore&rsquo s first desalination plant, is 70% owned by publicly traded Keppel Infrastructure Trust. Hyflux controls the remaining 30%. The PUB owns Singapore&rsquo s third and latest desalination plant.

Hyflux may not have a direct link to the government. But its business of water is as much the state&rsquo s headache as the subway network.

One way to help Hyflux restructure could be to house, say, a 70%-equity share in Singapore&rsquo s water assets &ndash SingSpring, Tuaspring and the new PUB plant &ndash in Keppel Infrastructure Trust. The significant direct and indirect exposure of Temasek to the trust would protect Singapore&rsquo s strategic interests. A joint 70:30 bid by Keppel Infrastructure Trust and PUB for Tuaspring would see off Maybank and make the state&rsquo s control foolproof. Additionally, PUB could buy Hyflux&rsquo s residual 30% share of SingSpring, hydrating the thirsty water firm with some more liquidity.

That would be a better outcome than liquidation of a rare successful entrepreneurial venture in an economy dominated by multinationals and state-backed enterprises. As an asset-light operator in Singapore, Hyflux founder Olivia Lum can focus on the Middle East, where the group has projects in Algeria, Saudi Arabia, Egypt and Oman.

Singapore needs Hyflux&rsquo s expertise, not its balance sheet. The island&rsquo s water requirements are projected to double from the current 430 million gallons per day by 2060 &ndash a year before the 1962 agreement with Malaysia expires. The existing desalination capacity can meet only 130 million gallons of demand. Even with the big push by the government to recycle wastewater, more plants to treat seawater would be needed.

Mahathir&rsquo s threat may be an empty one, but Singapore won&rsquo t want to be under its neighbour&rsquo s thumb. A lifeline for Hyflux could go some way in the resource-poor city&rsquo s bid to secure its destiny.
 

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Octavia
Supreme
18-Jul-2018 16:34     
 
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 Alert Admin 		A homegrown Singaporean company that owns one of the financial centre&rsquo s three seawater desalination plants is struggling to stay afloat. Whether Hyflux Ltd sinks or swims will matter to creditors and shareholders. The strategic stakes, though, are far higher.

Now that Singapore&rsquo s old foe Dr Mahathir Mohamad is back as Malaysia&rsquo s prime minister, and once again threatening to renegotiate a 1962 agreement to supply raw water to the city-state, making sure the  Hyflux plant is owned until 2038 by a friendly buyer  could become an issue of national security. (After 2038, the facility will be owned by the Public Utilities Board, or PUB.)

In return for refraining from enforcement proceedings, Malaysian state-owned lender Malayan Banking Bhd has got Hyflux to agree to sell its interest in subsidiary Tuaspring Pte&rsquo s integrated water and power project by mid-October. By Dec 11, Maybank, the sole secured creditor to the project, wants the deal approved by the PUB and the Singapore High Court, if required.

The timelines are tight, considering Hyflux has been looking for a buyer for Tuaspring for more than a year. The problem is the 411-megawatt power-generation unit attached to the desalination plant. Rampant overcapacity in Singapore&rsquo s electricity industry will make it tough to line up suitors.

So how does Singapore ensure the plant stays in safe hands? A template may exist in the resolution of SMRT Corp, whose minority shareholders were bought out in 2016 by state investment firm Temasek Holdings Pte, effectively nationalising the island&rsquo s stoppage-prone main subway operator (after making it offload trains and signalling systems to the transport regulator).

If SMRT&rsquo s problem was systematic underinvestment, Hyflux&rsquo s weakness is an overstretched balance sheet. By helping it shed some of its debt load, Singapore can consolidate the existing fragmented ownership of critical water assets. SingSpring, which was Singapore&rsquo s first desalination plant, is 70% owned by publicly traded Keppel Infrastructure Trust. Hyflux controls the remaining 30%. The PUB owns Singapore&rsquo s third and latest desalination plant.

Hyflux may not have a direct link to the government. But its business of water is as much the state&rsquo s headache as the subway network.

One way to help Hyflux restructure could be to house, say, a 70%-equity share in Singapore&rsquo s water assets &ndash SingSpring, Tuaspring and the new PUB plant &ndash in Keppel Infrastructure Trust. The significant direct and indirect exposure of Temasek to the trust would protect Singapore&rsquo s strategic interests. A joint 70:30 bid by Keppel Infrastructure Trust and PUB for Tuaspring would see off Maybank and make the state&rsquo s control foolproof. Additionally, PUB could buy Hyflux&rsquo s residual 30% share of SingSpring, hydrating the thirsty water firm with some more liquidity.

That would be a better outcome than liquidation of a rare successful entrepreneurial venture in an economy dominated by multinationals and state-backed enterprises. As an asset-light operator in Singapore, Hyflux founder Olivia Lum can focus on the Middle East, where the group has projects in Algeria, Saudi Arabia, Egypt and Oman.

Singapore needs Hyflux&rsquo s expertise, not its balance sheet. The island&rsquo s water requirements are projected to double from the current 430 million gallons per day by 2060 &ndash a year before the 1962 agreement with Malaysia expires. The existing desalination capacity can meet only 130 million gallons of demand. Even with the big push by the government to recycle wastewater, more plants to treat seawater would be needed.

Mahathir&rsquo s threat may be an empty one, but Singapore won&rsquo t want to be under its neighbour&rsquo s thumb. A lifeline for Hyflux could go some way in the resource-poor city&rsquo s bid to secure its destiny.
 
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Stephenchow
Veteran
18-Jul-2018 14:32     
 
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 Alert Admin 		Koufu today market cap is $350m twice Hyflux: $164m.
Operating coffee stall selling coffee can make more money than desalination  cheekylaugh
   
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ysh2006
Supreme
18-Jul-2018 13:21     
 
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 Alert Admin 		Yes Dr M will like Penang chief said listen to me,force sell it let them buyback from me expensive !!

MikeL2009      ( Date: 18-Jul-2018 12:30) Posted:

What ersthwhile Najib governemnt did to AirAsia, Dr M can also do to Maybank, no?
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MikeL2009
Senior
18-Jul-2018 12:30     
 
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 Alert Admin 		What ersthwhile Najib governemnt did to AirAsia, Dr M can also do to Maybank, no?
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MikeL2009
Senior
18-Jul-2018 12:27     
 
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 Alert Admin 		Temasek better be careful.
Might Dr M bring arm-twist to influence a Malaysian bank creditor? 
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