atans1

Hyflux: Good Friday cruxification

In Corporate governance, Financial competency, Infrastructure on 20/04/2019 at 4:15 am

Christ and the two thieves were not the ones crucified yesterday.

Yesterday (yes on a public holiday), Hyflux said that MayBank had decided to appoint receivers and managers over the assets of Tuaspring, except for the desalination plant and shared infrastructure, and not to extend an agreement whereby it would not enforce its rights over Tuaspring to allow Hyflux to time to conclude a binding agreement with a successful bidder or investor for the plant. The agreement had been extended several times and expired on 16 April.

The integrated asset’s desalination plant is set to be taken over by PUB at zero dollars in May, after PUB issued a notice to Hyflux on 17 April to terminate the parties’ water purchase agreement.

But Hyflux is not dead. It’s juz hanging onto life on a cross

Hyflux said the termination of the collaboration agreement “is expected to have a material impact on the financial performance of the group”.

In the interim, the power plant at the Tuaspring integrated facility is expected to continue operations as usual, it added.

Read more at https://www.channelnewsasia.com/news/business/sm-investments-moves-to-terminate-hyflux-rescue-deal-in-11460852

Btw, can’t stop laughing:

Hyflux said the termination of the collaboration agreement “is expected to have a material impact on the financial performance of the group”

The “financial performance of the group” is one fat zero before this event.

Further reading:

Hyflux: Sue those with money

Hyflux: “going concern” BS/ KPMG again and again

Hyflux on investor losses: “Not our fault, banksters at work”

 

 

 

 

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