Hyflux sells stake in China business for $126.5 million

Hyflux has completed the sale of its 50 per cent stake in Galaxy NewSpring, a joint venture that it formed with Yunnan Water, of Hong Kong, in 2010.

Galaxy NewSpring develops, builds and operates wastewater treatment and water reuse plants in the coastal provinces of Jiangsu and Hebei, in northeast China.

Yunnan paid $126.5 million for the shares, less $10 million which was paid on signing the sale and purchase agreement in October 2016.