Hyflux wins business amid ongoing restructure
Hyflux has issued a series of updates on its reorganisation, as well as news of two new contract wins in Iran and Turkey.
The company applied to the High Court of Singapore for a moratorium on actions against five of its subsidiaries in May 2018, in a bid for time to reorganise its business and liabilities. It is currently exploring multiple solutions, including rescue finance and new investors.
In July 2018, Hyflux agreed with creditor Malayan Bank the process for selling its stake in Tuaspring Integrated Water and Power Project, Singapore, with the deadline for a binding agreement of 15 October 2018.
Hyflux has been granted extensions to deadlines for filing its financial statements for Q2 and Q3 2018.
The company is in discussion with the financiers of Qurayyat Integrated Water project, Oman, and TuasOne Waste-to-Energy project, Singapore, to secure additional funding to complete the two schemes.
On the new business side, Hyflux received a letter of intent from Iran’s Asia Water Development Engineering Company for design, manufacture, and supply of a second seawater reverse osmosis desalination plant of 200,000 m3/d in Bandar Abbas, Iran. The first was awarded in April 2018. The latest contract is scheduled to finalise by 10 September 2018.
As well, Hyflux subsidiary, Hyflux Newspring Construction Engineering (Shanghai), won a CNY 40.3 million ($6 million) contract from AVIC-INTL Project Engineering Company and CPI Power Engineering Corp., to supply two desalination units of 7,320 m3/d to the 2x660MW ultra-supercritical units of Turkey Hunutlu Thermal Power Plant Project.