Press Statement: Meeting between Ms Olivia Lum of Hyflux and SIAS

Date: May 25, 2018

President of SIAS, Mr David Gerald, this afternoon met with Chief Executive of Hyflux, Ms Olivia Lum to discuss the issues of the company and the impact to retail investors.

SIAS is reassured by Ms Lum that Hyflux will actively engage SIAS in its current efforts to reorganise its business and address its debt woes. Hyflux is agreeable to meet with shareholders, note holders, perpetual securities holders and preferences shareholders at townhall meetings that SIAS will be organising in due course to update them on the progress. While retail investors are worrying as to the outcome of their investments, SIAS is reassured that the company is doing its best, given the circumstances, to maintain value of their investments but they do need time to achieve this outcome.

SIAS has reiterated its call to accord equal treatment to the perpetual and preferential securities investors as they are retail investors and are not on the same footing as Institutional investors. SIAS would like to see every effort made to find ways of preserving the value of their investment.

David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)