Press Release

Press Statement: SIAS clarifies UTICO’S Media Statements

Clarifications to statements in the articles published in the Straits Times dated 28 September 2019 titled “Utico backs Hyflux debt moratorium extension” (“ST Article”); on CNA dated 27 September 2019 titled “Utico says it will support Hyflux’s moratorium extension...

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Press Statement: Miclyn Express Offshore Pte Ltd (“MEO”) offers better restructuring proposal at townhall meeting for Noteholders

On 20 September 2019, MEO hosted its second townhall meeting for the holders of MEO’s US$150,000,000 8.75 per cent Senior Secured Guaranteed Bonds Due 2018 (“MEO Notes” and “Noteholders”).  At the townhall meeting, MEO explained its debt structure to the...

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Press Statement: SIAS seeks update on Hyflux

SIAS met with the directors of Hyflux on 16 September 2019. At the meeting, Hyflux updated SIAS on the efforts undertaken by Hyflux to secure an investor. SIAS is encouraged by the efforts put in by Hyflux in its negotiations...

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Commentary: SGX’s new delisting measures: Crucial that intent and disclosures are clear

First published in The Business Times on 19 August 2019 Companies and offerors should reach out to all shareholders by all means possible about what exactly is on the table to ensure that minorities will not be shortchanged. FOR far too long,...

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SIAS will not support exclusion P&P nor judicial management

SIAS notes from the 11th Affidavit of Ms Olivia Lum that there was a plan to affect the interests of the P&Ps when Borrelli Walsh the advisors of the unsecured working group banks (“UWG” ) comprising Mizuho Bank, KfW IPEX...

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Commentary: Hyflux saga: Judicial management not the panacea for company’s restructuring

First published in The Business Times on 17 May 2019 It is almost exactly one year since water treatment firm Hyflux applied for a moratorium while it sought to restructure its finances. A crucial part of that restructuring process involved finding...

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Press Statement – About time Olivia Lum steps down and Hyflux needs to build trust

It is now evident that the trust in the senior management and the board of Hyflux has weaned considerably. Understandably, stakeholders are getting tired of waiting for a concrete plan that would take the company out of its current woes...

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Press Statement – Hyflux Perps & Preps likely to avoid haircut in new plan

Ms Olivia Lum, Executive Chairman & Group Chief Executive Officer, Mr Teo Kiang Kok, Lead Independent Director, Mr Gay Chee Cheong, Non-Executive Independent Director, Mr Christopher Murugasu, Non-Executive Independent Director, Mr Lau Wing Tat, Non-Executive Independent Director, Mr Nicky Tan,...

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Press Statement – Patience and support needed

SIAS notes with regret the cancellation of Hyflux restructuring agreement with the Salim-Medco consortium (SMI). This has come as an unexpected development. I had called Olivia Lum to determine whether there is an alternative solution that can be presented to the...

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Press Statement – Board and Management not absolved of accountability

SIAS is aware that some Hyflux investors are of the view that if they were to vote “yes” for the restructuring, all investigations against the board and management of Hyflux would stop and they will never find out if, indeed,...

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