New suitor Longview International and joint venture partner express interest in embattled Hyflux
SINGAPORE: Another investor has come calling on embattled water treatment firm Hyflux.
This time, a Singapore-based company called Longview International Holdings has expressed interest in investing in Hyflux together with a joint venture partner from China.
Hyflux, which announced this in a bourse filing on Wednesday (Feb 19), said the joint venture partner is an “undisclosed major Chinese entity” and that the proposed terms of the investment has not been made available to the company.
The letter from Longview International Holdings invites the company “to engage with the joint venture to explore the terms on which the joint venture would be prepared to invest”, it added.
Hyflux said it will make the appropriate announcements as and when there are any further material developments.
A search on the Accounting and Corporate Regulatory Authority’s (ACRA) website showed Longview International Holdings with a registered office address at The Metropolis in Buona Vista and involved in “management consultancy services”.
Its website describes it as a Singapore-based holding company that provides consulting and research services to life sciences companies and associated investment entities.
The joint venture with Longview International Holdings is the latest suitor in the Hyflux saga.
Last November, Hyflux finally signed a S$400 million rescue deal with United Arab Emirates utility company Utico following months of back-and-forth negotiations.
But in December, there was another twist in the long-running debt restructuring of the water treatment company, with little-known Aqua Munda emerging in December with an offer to purchase about S$1.8 billion worth of Hyflux’s debts.
According to ACRA, Aqua Munda has a registered office address at the Ocean Financial Centre along Collyer Quay and is involved in the “manufacture of water treatment, waste treatment, and oilfield chemicals”. It was incorporated on Dec 17, the day Hyflux made known its offer via a bourse filing.
Aqua Munda recently extended the deadline for its offer for the second time.
Hyflux will return to the Singapore High Court tomorrow morning for a hearing. Its court-sanctioned moratorium ends on Feb 28.
Since the last hearing in January, the company had appointed new legal advisers after WongPartnership, citing a “loss of confidence”, applied to discharge itself from representing Hyflux.
The change in legal team also saw the departure of Hyflux’s non-executive independent director Simon Tay earlier this month after there was “unresolved differences in opinion” between Mr Tay and the company’s board of directors over the issue.