Date: May 23, 2018
The news that Hyflux is seeking court protection to reorganize its business and address its debt comes as a worry to many retail investors, as many retail investors are invested not only as shareholders, but also through bonds, perpetual securities and preference shares. While shareholders may have been updated of the company’s situation at the recent AGM, retail investors in their bonds, perpetual securities and preference shares may not have had the opportunity to be updated and are disturbed by the recent announcement.
Hyflux has reached out to SIAS and has reassured SIAS that, as they reorganize their business and address their debt, stakeholders would be engaged actively, so as to resolve the relevant issues.
The company will require support from all stakeholders to allow them to address their issues. This will take some time. SIAS would not like to see the company going into liquidation. To this end, SIAS will work with the company to organize townhall meetings with the stakeholders in the near future. Retail investors wanting to be kept informed of the townhall meetings can register their interest with SIAS at admin@sias.org.sg, with their contact details and indicate if they are a shareholder, preference shareholder, bond holder or perpetual securities holder.
David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)
