Hyflux receives new non-binding offer for potential investment

China yuan coins

Hyflux has received another non-binding letter of intent for a potential investment in the troubled water infrastructure player, with preliminary due diligence underway, the Singapore-listed company said in a filing to SGX late Friday.

The potential investor is based in China and is a subsidiary of an industrial state-owned enterprise which works globally on comprehensive power services, Hyflux said.

The potential investor’s holding company also includes wind and solar energy services, nuclear industry, medical technology and agriculture, the filing said.

In May, Hyflux said it received a non-binding letter of interest from a potential investor interested in acquiring certain assets in Algeria and Oman and other assets in the Middle East and North Africa. That potential investor is among the top-10 largest desalination companies globally, Hyflux had said.

Last month, the company also announced that it had received a binding offer from United Arab Emirates-based Utico for a S$400 million investment, but it has not accepted it or entered into a binding deal.

In addition, Hyflux has said it received a non-binding letter of intent from Oyster Bay Fund proposing an investment of up to S$500 million.

“The company is continuing its engagement with all potential investors and will make the appropriate announcements as and when there are any further material developments,” Hyflux said in the filing dated Friday.

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