Hyflux to sell controlling stake for $290 million

Hyflux has agreed to sell a 60 per cent stake for SGD 400 million ($290 million) to a consortium of Indonesia’s Salim Group and Medco Group.

The consortium, SM Investments, will lend a further SGD 130 million ($94 million) to the embattled Hyflux.

Salim Group is Indonesia’s largest conglomerate, with business interests from food and beverage to oil palm plantations to property development. Medco Group, also an Indonesian conglomerate, operates in sectors from agriculture to energy to hotels to manufacturing.

“We see tremendous potential for synergies between Hyflux and our existing businesses, as well as opportunities in our consortium that can involve Hyflux. We will work with Hyflux to keep its flagship assets intact, bearing in mind the significance of this company to Singapore,” said Salim Group chairman Anthony Salim.

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