HYFLUX's reluctant white knight Salim-Medco consortium should not use PUB as an excuse to back out of its investment agreement with the water treatment company, the national water agency said on Thursday.
PUB said in a statement: "Hyflux itself has noted that PUB's actions, in the event PUB elects to terminate the WPA, would be favourable to Tuaspring Pte Ltd, as this alleviates the pressure on the rest of the Hyflux Group, and also positively impacts Hyflux's value and hence the value of the Hyflux shares being offered."This will also increase the chances of Hyflux being successfully restructured.
While it can be argued that it's easier to turn around the power plant if market conditions improve, the desalination plant will continue to run at a loss unless the concession company is able to bargain with PUB for higher water tariffs.
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PUB to take over Tuaspring plant if Hyflux cannot fix its defaults by April 5SINGAPORE- To safeguard Singapore's water security, water agency PUB will terminate the water purchase agreement with Hyflux and start the process of taking over its Tuaspring plant if the beleaguered water treatment firm is not able to fix its defaults by April 5.. Read more at straitstimes.com.
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