In an interesting turn of event, PUB- which I previously posted that it had single-handedly stopped the Salim Medco rescue package- turned out the be the real white knight because most stakeholders have mistaken its good intention. By taking away the loss-making Tuaspring desalination plant, PUB has let Hyflux off the hook on the business unit that is making its business bleed profusely. In addition, PUB added icing on the cake by further waiving off compensation claims for breach of contractual KPIs. What a dramatic week it turns out to be with the latest development. Even though the government insisted public fund cannot be used to help retail investors, I now view the above as a partial bailout by the government. By foregoing the rights to the very low water tariff rate locked in with Hyflux, the government has released Hyflux from its Achilles’s heel. Meanwhile, Tuaspring power...