Hyflux disputes white knight's claims of recourse to pull out from deal
If Salim-Medco "wrongfully terminates" the agreement, Hyflux said it would lay claim to S$38.9 million deposit placed in escrow
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Vivienne Tay
Singapore
TROUBLED water treatment company Hyflux has disputed Salim-Medco's assertion that actions by the Public Utilities Board (PUB) and buyers of water from its Magtaa desalination plant in Algeria - known as offtakers - constitute events that will allow the Indonesian group to pull out from its proposed S$530 million investment.
In a bourse filing on Tuesday night addressing Sias questions about whether the investor has signalled it will back away from its offer, Hyflux disclosed that "certain disagreements have recently emerged" between the company and SM Investments, the investment vehicle of its Indonesian white knight.
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