Read more at https://www.channelnewsasia.com/news/singapore/pub-default-notice-hyflux-tuaspring-right-take-over-plant-11313888
(Updated: )
Ricky Lim
Hyflux is too aggressive in expanding, taking on too big and risky project - without sufficient cashflow, borrowing too much, with high debt leverages.
Its equity is $1 billion.
It borrow $1.3 billion - incurring high debt interest.
Its project is extremely long term - 20 years, 25 years - and the revenue collection stretch into long term, but repayment of debt interest and overhead is short term.
It expand too fast into many long term large investment locally and overseas.
This lead to Hyflux failure.
The Board of Directors fail to spot the risk - and stop the management to be financial prudence.
Its equity is $1 billion.
It borrow $1.3 billion - incurring high debt interest.
Its project is extremely long term - 20 years, 25 years - and the revenue collection stretch into long term, but repayment of debt interest and overhead is short term.
It expand too fast into many long term large investment locally and overseas.
This lead to Hyflux failure.
The Board of Directors fail to spot the risk - and stop the management to be financial prudence.
Justin Lee
Wow, now the cat is out of the bag.
Another failed outsourced projects by gov after SMRT, Singpost & Sports Hub, who is next?
In fact, critical public infrastructure such as water supply must be owned by the gov.
Another failed outsourced projects by gov after SMRT, Singpost & Sports Hub, who is next?
In fact, critical public infrastructure such as water supply must be owned by the gov.
Jack Sparroww
Soon the garmen is going to provide some 'funding' for manpower in companies venturing overseas? Can't imagine how embarrassed the garmen will be on the day when fake applications are exposed lol
Justin Lee
Jack Sparroww true, but Hyflux's CEO Olivia Lum and its board failed to pay enough attention to its finances as it put the pedal to the metal in expanding its footprint.
More importantly, PUB former CEO Chew Men Leong's poor vendor selection & governance.
One important good thing to hightlight is Temasek CEO Ho Ching, did the right thing to pull the plug early & did not rescue Hyflux and put Singapore's national reserves in peril. Temasek Holdings was at one time invested in Hyflux through a unit that held a 4.76 per cent stake obtained via a placement in 2003. This fell to 0.89 per cent in 2005.
More importantly, PUB former CEO Chew Men Leong's poor vendor selection & governance.
One important good thing to hightlight is Temasek CEO Ho Ching, did the right thing to pull the plug early & did not rescue Hyflux and put Singapore's national reserves in peril. Temasek Holdings was at one time invested in Hyflux through a unit that held a 4.76 per cent stake obtained via a placement in 2003. This fell to 0.89 per cent in 2005.
Khim Koon Tsn
Perhaps some of the senior staff are taking high pay and bonuses yearly causing the downfall
George Lim
There was much fanfare and strong support from investors, shareholders, government and the media in Hyflux early days. But where are they today ? Not even half a soul is around to rescue it!
Keehong Lu
Bad news never cease for Hyflux. Or this news was orchestrated to be released after ALL the efforts to restructure were put in by "strategic investors" n all the hooha by SIAS n the retail investors made?
Now it gets serious! Were there any deliberate concealment of ISSUES by the mgt n the Board?
If not, how competent are these highly paid people?
What do the regulators hv to say abt all these bad news that don't seem to just happen??
Scary that transparency is so so lacking with all the worms crawling out of a well concealed can?
Now it gets serious! Were there any deliberate concealment of ISSUES by the mgt n the Board?
If not, how competent are these highly paid people?
What do the regulators hv to say abt all these bad news that don't seem to just happen??
Scary that transparency is so so lacking with all the worms crawling out of a well concealed can?
Joe Ho
Does this mean pub would take tuaspring for free? or buy over from hyflux?
Swee Meng Ling
Probably more than free if Hyflux need to pay damage and penalty for not fulfilling the agreement.
Has Hyflux underpriced way below market rate from the beginning?
Has Hyflux underpriced way below market rate from the beginning?
Felicia Chen
A DISHONOURABLE SON's "Middle Finger Monkey" of Tamasick is "dumping" n "offloading" her close friend's Hyflux thr PUB's action to the "gutter of creditors and receivership" even b4 restructuring effort materialises?
In politics, no forever friend or enemy, only "mutual benefits"!!!
#DISHONOURABLES!!!
In politics, no forever friend or enemy, only "mutual benefits"!!!
#DISHONOURABLES!!!
Swee Meng Ling
PUB is no different from LTA that help to put nails on the coffin to the bike-sharing scheme and points all finger at the company, but not themselves, but choose to do absoluting nothing to help, or to guide, at the very beginning and throughout the process. Swinging from one extreme to another. If so happen, a scheme becomes successful, PUB and other authorities will rush out to help fund the banner so put their logo on all the banners, flyers, video, websites to claim credit. And later CNA shall splash on how much the authority has helped out.
Rush-It Ram
Its just a matter of time. Hyflux is run by a group of executives that are not so experience in this field. The CEO herself no doubt she's hardworking, she's also micro managing in many areas.
Jackie Bary
Its sad to see such a gd company coming down like that.The people with authority in Hyflux shld be responsible.When first problem detected,shld solve and not let it go.
Unker Will
This is precisely what Oliva Lum is looking forward to...Govt to step in and eventually Temasek to bail them out.
Like · Reply · 1h
Paul Tan
We are increasing supplying treated drinking water to JB at heavily subsidied below cost price. However the local have to paid water conservation tax, tariff and water price is up by 30%. Now our water treatment company is going belly up and Tusaspring is at risk of fallen into the hand of foreign creditor. All these simply mean local is subsidising JB for drinking water and yet the desalination plant are going to them as Maybank is the creditor.
No comments:
Post a Comment