Hyflux saga: Focus needed despite the noise

IN the past few months, developments surrounding troubled water treatment firm Hyflux Ltd have accelerated to the point that stakeholders could be forgiven for being thoroughly confused as to the status of the restructuring that has been proposed, whether white knight investor SM Investments (SMI) will stay or leave, and most importantly, how much money each class of stakeholder could receive, if any.

Aggravating this confusion is widespread speculation, in part brought on by efforts from some stakeholders to secure the best deal for themselves. For example, a petition emerged recently to try and pressure the government to save Hyflux because of the strategic nature of the latter's assets, this despite Hyflux categorically stating last year that it would not be asking the government for help.

Ironically, there is now speculation as to whether it was the circulation of this petition which currently bears about 4,500 signatures that has provoked national water agency PUB earlier this month to drop the bombshell that it did, in the form of a default notice issued to Hyflux's subsidiary Tuaspring Ltd (TPL).