Corporate digest

Hyflux

WATER treatment firm Hyflux's subsidiary has been discharged from a contract for a desalination package in Iran. The subsidiary, Hyflux International Pte Ltd (HIPL), was replaced by Horsol Switz Engineering Asia Pte Ltd in the contract.

The project would have seen HIPL designing, manufacturing and supplying a seawater reverse osmosis desalination package. HIPL had suspended the contract last October after the US reimposed sanctions on Iran, which resulted in HIPL being unable to maintain the requisite banking support to receive payment for works to be done under the contract.

Keppel Infrastructure Trust

KEPPEL Infrastructure Trust's Australian unit, Basslink, has been given a one-year extension on the maturity date of a loan for its undersea electricity cable.

Basslink, an undersea power cable company, said financiers of the cable, the Basslink Interconnector, have also extended the waiver of all breaches and events of default under the project by a year.

The loan deadline extension comes after Australian state enterprise Hydro Tasmania had in October restricted Basslink from operating at full capacity except during critical periods.

mm2 Asia

ENTERTAINMENT company mm2 Asia on Wednesday said it is launching a free-to-use video streaming service called mPlay Asia in April 2020. The platform will debut in key Chinese-speaking markets - identified as Singapore, Malaysia, Taiwan and Hong Kong. mPlay will generate revenue for the group via advertising and branded content, mm2 said in response to queries from The Business Times. It did not disclose the amount invested in the platform.

MoneyMax

MONEYMAX'S wholly owned subsidiary MoneyMax Credit has been granted options to acquire two shop spaces at Lucky Plaza, Orchard Road. The first shop has a built-in area of 47 square metres (sq m) and is going for S$8.5 million. The second shop has a 74 sq m built-in area and a purchase consideration of S$9.5 million.

Completion of the acquisition of the freehold properties is expected to be on Feb 26, 2020.