Category Press Release

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...

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...

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...

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,...

Commentary: Can the Hyflux restructuring be resurrected?

First published in The Business Times on 11 April 2019 It was hugely disappointing to learn last week that troubled water treatment firm Hyflux Ltd has terminated its agreement with SMI, the only “white knight’’ that has emerged over the past...

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...

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,...

Commentary: Hyflux saga: Focus needed despite the noise

First published in The Business Times on 30 March 2019 IN the past few months, developments surrounding troubled water treatment firm Hyflux Ltd have accelerated to the point that stakeholders could be forgiven for being thoroughly confused as to the status...

Joint Press Statement – SIAS and SID announce Guide on Best Practices for Shareholder Meetings

The annual general meeting (AGM) of a company is a time for the company’s board members, management and shareholders to interact. It is usually...

Letter to PUB – Hyflux Restructuring

Chief Executive PUB 40 Scotts Road #22-01 Environment Building Singapore 228231 Attention: Mr Ng Joo Hee Dear Sirs, HYFLUX RESTRUCTURING SIAS represent the interest of the investors, particularly the retail investors of Hyflux, who are now in a predicament, the possibility of the company facing liquidation. The only hope...

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