Hyflux clarifies reports of single bidder for Tuaspring project

Singapore two-dollar bills

Troubled water and energy player Hyflux on Friday clarified that it is concurrently pursuing a divestment of its Tuaspring integrated water and power project and strategic investments in the overall business.

That was following a Bloomberg report earlier this week, citing people with knowledge of the matter, that Sembcorp Industries had emerged as the only remaining bidder for the Tuaspring project, the Business Times reported on Wednesday, citing people with knowledge of the matter.

Bloomberg reported the bid was below Tuaspring’s book value and won’t fully pay back loans to the project’s main creditor, Malayan Banking.

Hyflux said on Friday that the pursuit of strategic investments may or may not include Tuaspring.

“These processes run in parallel and are at the stage where the company is actively engaged in discussions with potential investors in Tuaspring and/or the rest of the Hyflux Group,” it said in a filing to SGX on Friday.

“The company has not committed itself to any particular option or any of the proposals received at this point in time and remains open to considering various opportunities. Any proposals received are also subject to approval by the relevant authorities where required,” it said.

Hyflux said that due to confidentiality considerations and requirements, it wasn’t at liberty to comment on the Tuaspring divestment process currently.

Separately, Hyflux earlier this week reported its unaudited accounts to the High Court of Singapore.

For the month of August, Hyflux Ltd. reported other income of S$4.50 million and profit after tax of S$2.12 million. Hyflux Membrane Manufacturing had revenue of S$387,000 and a loss after tax of S$2.32 million, it said.

Get the Shenton Wire morning briefing in your inbox