Hyflux to hold second round of townhall meetings with stakeholders on Jan 18

Hyflux to hold second round of townhall meetings with stakeholders on Jan 18

Hyflux Singapore
(Photo: Jeremy Long)

SINGAPORE: Troubled water treatment firm Hyflux will have a second round of townhall meetings with the holders of its notes, perpetual securities and preference shares next month, it said in a filing to the Singapore Exchange on Monday (Dec 17).

To be facilitated and moderated by the Securities Investors Association (Singapore) (SIAS), the meetings are scheduled for Jan 18, 2019.

Stakeholders who wish to attend or be kept informed can register their interest with SIAS at admin@sias.org.sg or via an online form on Hyflux’s website by 12pm on Jan 14, 2019.

Hyflux added that further details, such as time and venue, will be published on SGXNet as soon as possible.

The debt-laden company, which applied for a court-supervised debt restructuring in May, held its first townhall meetings with hundreds of investors in July. Then, the meetings were held separately for each investor class.

READ MORE: Some disappointed, others keep calm: Hyflux shareholders meet company management for first time since crisis

Since then, Hyflux received a S$530 million lifeline from two Indonesian investors and has gotten an extension for its debt moratorium until Apr 30. It has previously said that it plans to engage its stakeholders in the coming months before presenting a restructuring plan to vote.

Seen as one of Singapore’s most successful business stories, Hyflux’s unexpected downfall has left tens of thousands of investors reeling.

Of its S$2.95 billion of liabilities, S$265 million is owed to medium-term note holders and another S$900 million to investors of perpetual securities and preference shares. The latter is a big group of 34,000 people, with many of them being retail investors.

Source: CNA/sk