Sias says contact with potential Hyflux investor Widjaja was a courtesy call

THE Securities Investors Association (Singapore), or Sias, has clarified that its meeting with potential Hyflux investor Johnny Widjaja was in the nature of an introductory courtesy call by the Indonesian businessman on Sias.

Mr Widjaja did not propose any terms for the holders of Hyflux's perpetual securities and preference shares (PnPs) during the meeting, said Sias.

The Business Times reported on Tuesday that Mr Widjaja said he had engaged with Sias regarding the PnP holders. He told BT that he intended to address the concerns of the 34,000 holders in the last quarter of this year, after the close of a proposed deal with senior creditors offered by Pison Investments, which is Mr Widjaja's investment vehicle.

Sias had earlier said that any proposal by investors must include a firm offer for PnP holders and that the offer terms should be made public as soon as possible. It said it will not support any plan to rescue Hyflux that lacks a concrete proposal to resolve the debts due to the holders of the PnPs.