Sias objects to potential rescue offers for Hyflux that exclude PnPs

Singapore

THE Securities Investors Association (Singapore), or Sias, asserted that it will not support any plan to rescue Hyflux that lacks a "concrete proposal" to resolve the debts due to holders of the embattled firm's perpetual and preference shares (PnPs).

In a press statement issued on Sunday, Sias chief David Gerald flagged that the potential new white knights for Hyflux that have surfaced in the past few weeks have not made any offers yet for Hyflux's 34,000-odd retail PnP holders, who are owed some S$900 million in total.