Tuaspring default threatens Hyflux restructuring deal
SM Investments may assert right to terminate agreement if Tuaspring does not remedy PUB's default notice
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Singapore
HYFLUX'S restructuring agreement with SM Investments Pte Ltd may be terminated if defaults by Hyflux subsidiary Tuaspring Pte Ltd (TPL) are not remedied within two weeks, the water treatment company said in a Singapore Exchange filing on Monday.
Hyflux on Monday received a notice from its investor SM Investments, which referred to the default notice slapped on TPL by the Public Utilities Board (PUB) on March 5. PUB's notice said the national water agency would exercise its right to terminate its Water Purchase Agreement with TPL and take control of the plant if all defaults are not fully resolved within the default notice period.
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