Press Statement: Carve out application

Date: July 27, 2020

SIAS notes the decision of the Court today to allow the UWG’s application for a carve out of the moratorium. This essentially allows the UWG to proceed to make the JM application.

This does not necessarily mean JM is inevitable as this will only be decided by the Court at the relevant hearing date for JM. There is still time for serious Offerors to table concrete offers.  In particular, SIAS repeats its call for Aqua Munda and Pison Investments, who have stated that they would make an offer to the P&P Holders to do so on an urgent basis. In addition, Hyflux should confirm as soon as possible whether it will be accepting the revised Utico deal and call a scheme meeting in the near future. Time is of the essence.  As the application for JM is on the horizon, it is important for Hyflux and its management to urgently put a deal satisfactory to all its stakeholders.

At this critical juncture, SIAS reiterates its commitment to engage with and work together with Hyflux, and any potential investors with a concrete proposal for the P&P Holders, in an attempt to achieve the best possible outcome for P&P Holders.


David Gerald
Founder, President & CEO