I am pretty sure many readers will be following the Hyflux restructuring.
In my view, it is unfortunate that many external parties are taking advantage of the situation and in turn, making the 34,000 stakeholders of Hyflux less well of – many of whom are ordinary Singapore Citizens and retirees who have their CPF/SRS or even retirement money in Hyflux’s financial Instruments. Chief of this is Salim or Sembcorp who have tried to swoop in to take advantage of having a controlling stake in Tuaspring, a jewel in Hyflux asset despite it being claimed “toxic”.
For basic background information, the current deal is that Salim (SMI) is offering $400 million in equity injection for 60% of Hyflux with the condition that junior bond creditors, perpetual and preference shares stakeholders relinquish their current debt claims. This puts Hyflux at an overall value of $667 million, without needing to pay financial expenditure and cash outlay