Date: June 9, 2020
Aqua Munda have reached out to SIAS on 8 June 2020 to inform us that they are prepared to make an offer to the P&Ps of Hyflux. They informed us that the purpose of the meeting was to understand the concerns of the P&Ps so that Aqua Munda can incorporate into their plans to make an offer for Hyflux.
SIAS reiterated the importance of taking into consideration the fact that P&Ps, who are largely retail investors, have suffered enough and we emphasized that Aqua Munda must be sincere in making an offer that takes into consideration their plight. Although Aqua Munda did not provide any details of their proposed offer to the P&Ps at the meeting with SIAS, SIAS was assured that Aqua Munda will provide, at the appropriate time, details of their offer and financial capability to meet the acquisition with also details of their business plans for Hyflux.
Aqua Munda informed us that they can secure contracts for Hyflux in South East Asia and Middle East countries to be announced in the near future. Their strong interest in Hyflux is due to the established track record of Hyflux in building the treatment plants and the expertise of the company and its management.
SIAS views Aqua Munda’s initiative to proactively engage with SIAS as a positive step and will continue to engage with them to work towards a favourable outcome for the P&Ps. SIAS would urge Aqua Munda to put forward its offer to the P&Ps as well as all relevant information as soon as possible.
Currently, Hyflux is under moratorium until 30th July 2020 and unless a successful outcome is achieved, there is a high chance that the company may end in liquidation. In which event, the P&Ps will not receive anything.
David Gerald
Founder, President & CEO
SIAS
