Hyflux suspends contract for desalination package in Iran
Company says it is unable to maintain the banking support to receive payment for works to be performed under the contract
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HYFLUX has suspended a contract for a seawater reverse osmosis desalination package in Iran, which the company said on Friday is expected to have a material adverse effect on its financial performance.
The contract was signed in April between Hyflux subsidiary Hyflux International and Iran's Asia Water Development Engineering Company (AWDEC) for a seawater reverse osmosis desalination package in Bandar Abbas, Iran. In July, AWDEC indicated - through a letter of intent - for a second contract for the project.
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