HYFLUX has received a term sheet for a negotiated transaction from American fund manager Strategic Growth Investments (SGI), the company said in an exchange filing on Tuesday night.

The term sheet is regarding the proposed reorganisation and restructuring of Hyflux and its other affiliated companies by certain investment funds managed directly or indirectly by SGI.

The beleaguered water treatment firm said it is considering the content of the term sheet and expects it will need further clarification and details from SGI. It added that it will make the appropriate announcements as and when there are any further material developments on this matter.

Last month, Hyflux announced that it received a formal expression of interest from SGI to invest at least S$204.78 million.

Hyflux said in July this year that a then-unnamed North American fund manager with "a strong track record of investing in infrastructure, technology and real estate globally" was keen to invest.