Debt-laden water treatment company Hyflux and its subsidiary Tuaspring Pte Ltd will not be bailed out by the Government.
Environment and Water Resources Minister Masagos Zulkifli yesterday said in Parliament that while the Government can understand the concerns and anxieties of retail investors, it"cannot use taxpayers' money to help investors recoup their investment losses". Responding to Mr Seah Kian Peng , Mr Masagos noted that as Maybank is the only secured creditor of Tuaspring, it will receive payments before all other general creditors, including national water agency PUB.Hyflux faces the prospect of selling its Tuaspring desalination plant to PUB for zero dollars if it fails to rectify defaults at the plant by April 30.
Mr Masagos said the plant's purchase price will be determined later by an independent valuer in accordance with a water purchase agreement. The price is negative based on current valuation, he added.
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Source: The Straits Times - 🏆 8. / 63 Read more »