Sembcorp’s solitary offer for Tuaspring falls short of book value
03 Oct 18 by Carl Myers
Sembcorp has emerged as the only bidder for Hyflux’s Tuaspring integrated power and water plant with an offer that undercuts the plant’s book value, reports Business Times of Singapore.
The 318,500 m3/d desalination plant and 411 MW power generation facility was flagged for sale by Hyflux in July 2018, after the company agreed a process for the divestment with its creditor Malayan Bank.
The deadline for a binding agreement was set for 29 October 2018.
Business Times of Singapore reports that Sembcorp and Keppel Corporation were the only two potential buyers to be granted approval to bid by Singapore’s Public Utilities Board (PUB).
Sembcorp’s offer is reportedly below the plant’s book value, and therefore falls short of the sum required to repay Malayan Bank.
Hyflux has been exploring options to reorganise its business and liabilities since May 2018, when it requested a moratorium from the High Court of Singapore on actions against five of its subsidiaries.
Login on register to comment
A world leader committed to preserving resources through desalination and reuse
The Group designs
Leading expert delivers online masterclass on membrane fouling
There is only one week left to register for this exciting new format of online event and deepen your understanding of membrane fouling in only one hour.
Singapore International Water Week Turns 10 Years: Celebrating a Decade of Accomplishment in the Global Water Industry
The Singapore International Water Week (SIWW) is the world's premier platform to connect the water industry for innovative solutions and sustainable urban water management. The biennial event gathers stakeholders from the global water industry to share best practices
Related supplier content
Xylem reuse system to up potable water supply in Los Angeles
Water technology company
Sterlitech offers new ultrafiltration membranes
Laboratory products and membrane testing firm Sterlitech is offering Synder Filtration's recently developed ultrafiltration membranes
Osmoflo reports concentrate reduction success
Australian desalination company Osmoflo has reported success with site tests of its concentrate reduction technology for reverse osmosis (RO) plants. The firm said its Brine Squeezer system increased recovery from 80% to 95% in a mine wastewater recovery pilot.