Why did Hyflux take a S$824 million impairment on Tuaspring?
March 1: Hyflux takes a S$824 million impairment on Tuaspring for the period ended Sept 30 last year. It says that the huge difference from 2016, when the last valuation was done, is due to losses in the electricity market in recent years and lower projected spark spreads for the remaining concession period.
Who owns the Hyflux plant?
Presently, KIT owns 70 per cent of the plant and will buy out the remaining 30 per cent from the insolvent Hyflux.
How much will Hyflux's liquidation sell for?
SINGAPORE (BLOOMBERG) - Asset sales in a liquidation process at Hyflux, Singapore's highest-profile distressed company, would likely bring in less than $200 million, a person familiar with the matter said, a fraction of the amount creditors are claiming.
When did Hyflux issue its s$300 million perpetuals?
Jan 23: Hyflux issues S$300 million 5.75 per cent perpetuals, for institutional and accredited investors only. May 8: Hyflux reports first delay in connecting Tuaspring to the national power grid. July 29: Hyflux issues S$175 million 4.8 per cent perpetuals, for institutional and accredited investors only.
How much did it cost to build the Tuas desalination plant?
Financing Singapore's biggest desalination plant The total cost for the construction of the integrated desalination and power plant is S$890m ($635m approximately).
Who bought over Hyflux?
YTL Power InternationalMALAYSIA-BASED YTL Power International has completed its acquisition of Hyflux's Tuaspring power station. In a statement on Wednesday (Jun 1), the international utility group said its wholly owned subsidiary, YTL PowerSeraya, had completed the purchase at S$270 million in cash.
What caused Hyflux downfall?
But as Singapore liberalized its electricity market, electricity prices collapsed. With its new business model suddenly in shambles, Hyflux in 2017 fell into a net loss of SG$116 million. In May 2018, the company filed for court protection with debt of SG$2.8 billion.
What is the most efficient desalination plant?
Reverse osmosis (RO) and Nanofiltration (NF) Water purifiers has RO technology that can eliminate mineral contaminates up to 99%. This helps in making water more suitable for drinking. RO is also one of the most efficient desalination techniques that can help purify water and make it suitable for drinking.
What happen to Hyflux now?
On Nov 16, 2020, Hyflux is placed under judicial management after another failed attempt for an adjournment to the judicial management application.
Did Temasek invest in Hyflux?
Temasek's investment in Hyflux was part of an initiative during the early 2000s to invest in Singapore small and medium-sized enterprises (SMEs), to support their growth in promising sectors, such as water technology. Upon completion of its investment objectives, Temasek exited its Hyflux investment.
How Hyflux was brought down by its ambition?
Hyflux relied on the desal experience of Suez, its partner in the bidding consortium, to win the project at a record-breaking low price. Suez then ran into financial difficulties and decided to exit the project, leaving Hyflux as the sole developer. Suddenly Hyflux was a giant of the global desal industry.
How is NEWater produced?
NEWater is the brand name given to highly treated reclaimed wastewater produced by Singapore's Public Utilities Board. NEWater is produced by further purifying conventionally treated wastewater through microfiltration, reverse osmosis and ultraviolet irradiation.
Who has the best desalination technology?
Ras Al Khair, Saudi Arabia: 1,036,000 m3/day Commonly regarded as the desalination heavyweight of the world, the massive Ras Al-Khair is a hybrid project that uses both thermal multistage flash (MSF) and reverse osmosis (RO) technologies.
Which country has the largest desalination plant?
Saudi Arabia produces the most amount of brine, at 22% of the world's total, the study said. At al-Jubail, the world's largest desalination plant which makes more than 1.4 million cubic metres of water daily, treated waste brine plumes back into the Arabian Gulf.
Where is the world's biggest desalination plant?
IsraelThe Sorek desalination is the world's largest seawater desalination plant. Sorek plant was built on the Mediterranean coast, about 15km south of Tel Aviv, Israel.
Is Hyflux still operating?
On 4 June 2021, judicial managers filed an application with Singapore's court to wind up the company after failed negotiations with an investor. On 21 July 2021, Singapore's high court has approved for Hyflux to wind up and be liquidated with its judicial managers being its liquidators.
Who is the auditor for Hyflux?
auditor KPMGHYFLUX and 35 companies in its group have lodged a lawsuit pre-emptively against their former independent auditor KPMG alleging breach of contract, and possibly pursuing claims that would include over S$400 million in dividends the company paid out between 2010 and 2018.
What industry is Hyflux in?
About Hyflux Ltd The Industrial segment includes liquid separation applications for the manufacturing sector, such as the pharmaceutical, biotechnology, food processing and petrochemical oil-related industries.