S’pore’s troubled Hyflux gets a bid from Spanish firm

Water treatment firm’s restructuring has left many investors in the lurch. (Hyflux website pic)

SINGAPORE: Singapore’s most high-profile restructuring case has attracted a new offer from a Spanish company, adding more uncertainty to a drawn-out process that’s left many retail investors in the lurch.

Water treatment firm Hyflux Ltd said in an exchange filing that FCC Aqualia SA, which is also in the water management business, plans a potential transaction involving it or its assets, without giving details.

Hyflux investors have already been evaluating two different takeover offers and one debt-purchase plan.

Only Middle Eastern company Utico FZC’s bid to invest S$400 million in Hyflux has a definite timeline, with a possible final court hearing set on April 30 in case of creditor approval.

Another suitor, little-known Aqua Munda Pte, offered to purchase debt of Hyflux noteholders and unsecured creditors in December.

It has already extended its offer twice, and the latest end date was March 9. Aqua Munda hasn’t yet updated on the response it received for its plan.

Yet another firm, Longview International Holdings, last month announced an interest to invest in Hyflux along with a Chinese venture partner, without providing details.