Hyflux

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Hyflux Ltd (Hyflux) was a sustainable products and research company listed on the Singapore Stock Exchange (SGX).

The company was founded in 1989 by Olivia Lum, Group CEO, President and Managing Director.

In 2006, the company was given the 'Water Company of the Year' award, at the 'Global Water Awards', by the Global Water Intelligence, UK.

The company was placed under judicial management (JM) on 19 November 2020 by the Singapore Courts due to excessive debts. Control of the company's operation has been transferred to the appointed judicial managers Hamish Alexander Christie and Patrick Bance of Borrelli Walsh.[1] The company has been approved to wind up on 21 July 2021.[2]

History[]

The company started initially as Hydrochem (S) Pte Ltd, in 1989 with a start-up capital of S$20,000 and three staff, selling water treatment systems.

In 2008, the group had net profits of S$59 million.[3] In 2016, the group had net profits of S$3.8 million.

On 21 May 2018, the company suspended its shares and applied for court supervision to reorganise liabilities and businesses the next day.[4]

On 19 October 2018, conglomerate Salim Group and energy giant Medco Group agreed to offer Hyflux a S$400 million equity injection, in exchange for a 60 per cent stake in the company once it has settled all its debts.[5][6][7]

On 4 June 2021, judicial managers filed an application with Singapore's court to wind up the company after failed negotiations with an investor.[8]

On 21 July 2021, Singapore's high court has approved for Hyflux to wind up and be liquidated with its judicial managers being its liquidators.[2]

References[]

  1. ^ hermesauto (16 November 2020). "Hyflux put under judicial management; founder Olivia Lum loses control over firm". The Straits Times. Retrieved 11 December 2020.
  2. ^ a b hermesauto (21 July 2021). "End of the road for Hyflux as High Court okays winding up of water treatment firm". The Straits Times. Retrieved 22 July 2021.
  3. ^ "Hyflux Still Expanding" (PDF). Asia Pacific Biotech News. 3 November 2009.
  4. ^ "Hyflux applies for court supervision to reorganise liabilities, businesses". Channel NewsAsia. Archived from the original on 11 April 2021. Retrieved 23 May 2018.
  5. ^ Lee, Marissa (19 October 2018). "Indonesian white knights put S$530m Hyflux rescue plan on table". The Business Times. Archived from the original on 8 November 2020.
  6. ^ "Hyflux's retail investors face losses under proposed restructuring plan". Channel NewsAsia. Retrieved 21 February 2019.
  7. ^ "SIAS to hold investor-only town hall session on Feb 25 for Hyflux perpetual, preference shareholders". Channel NewsAsia. Retrieved 21 February 2019.
  8. ^ Choy, Natalie (4 June 2021). "Hyflux files for liquidation after failed investor talks". www.businesstimes.com.sg. Retrieved 5 June 2021.{{cite web}}: CS1 maint: url-status (link)
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