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Hyflux unit enters into agreement to set up investment holding company
HYFLUX'S wholly owned subsidiary, Hyflux Capital (Singapore), has entered into a shareholders' agreement with Tuspark Technology Services Investment to set up an investment holding company which will hold strategic investments in water projects in China.
Hyflux Capital will hold a 25 per cent stake in the investment holding company.
Tuspark TSI is a subsidiary of TUS-Holdings Co, the former Tsinghua University Science Park (TusPark) Development Center.
Meanwhile, another of Hyflux's wholly owned subsidiaries, Spring China Utility, has entered into sale and purchase agreements with Tuspark TSI and Hyflux Capital to eventually divest to the investment holding company its entire equity interests in Hyflux Utility WWT (ZY), Hyflux Utility WTP (FN), Hyflux Utility WWTP (LP), Hyflux Utility WWT (HCCJ) and Hyflux Utility WWT (BC) for 890 million yuan (S$195 million).
These firms are the respective special purpose vehicles which hold five of the group's water plants in China.