Letter to Hyflux Board – SIAS Queries Hyflux Board for P&Ps
January 13, 2020Board of Directors Hyflux Ltd Hyflux Innovation Centre 80 Bendemeer Road Singapore 339949 Dear Members of Hyflux Board, SIAS Queries Hyflux Board for P&Ps We have received a number of emails from members of the P&P ISC expressing their dissatisfaction with the Utico deal as currently proposed...
Read MorePress Statement: SIAS calls on Aqua Munda for more transparency
December 30, 2019We refer to Hyflux’s announcement on the SGX-ST dated 27 December 2019, disclosing Aqua Munda’s invitation memorandum dated 27 December 2019 (“Invitation Memorandum”). Aqua Munda has proposed to medium term noteholders and senior unsecured creditors of Hyflux...
Read MorePress Statement: Offer by MEO to Bondholders
November 27, 2019SIAS refers to the announcement by Miclyn Express Offshore Pte Ltd (MEO), on 20 November 2019, that it has improved the Early Bird Bonus terms as referred to in its Townhall Presentation dated 20 September 2019, after discussions with its...
Read MorePress Statement: Utico’s offer to Hyflux
November 26, 2019SIAS is pleased that a deal has been struck between Hyflux and Utico. We have always been against judicial management or liquidation which brings no benefit at all to retail investors, the P&Ps. When the first deal failed, many gave...
Read MorePress Statement: MAS Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens
November 20, 2019SIAS notes that MAS proposes to regulate payment token derivatives contracts that are traded on Approved Exchanges in Singapore and will introduce additional measures for retail investors. SIAS has been noticing also interest from retail investors wanting to participate in...
Read MorePress Statement: Lack of finality on Utico’s offer – SIAS concerned
November 20, 2019SIAS has been closely monitoring the progress of the negotiations between Hyflux and Utico, the investor, in the last few months. SIAS is seriously concerned that there is no finality yet on Utico’s offer. SIAS is concerned that while Hyflux together...
Read MorePress Statement: SIAS clarifies UTICO’S Media Statements
September 29, 2019Clarifications 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...
Read MorePress Statement: Miclyn Express Offshore Pte Ltd (“MEO”) offers better restructuring proposal at townhall meeting for Noteholders
September 24, 2019On 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...
Read MorePress Statement: SIAS seeks update on Hyflux
September 21, 2019SIAS 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...
Read MorePress Statement: SIAS will not support exclusion P&P nor judicial management
August 7, 2019SIAS 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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