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Heflux receives letter of intent for potential investment of unnamed China-based Zuper



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SINGAPORE: Another potential seeker has naked on the doors of embattled water treatment firm Hiflux with a non-binding letter of intent for a possible investment.

The Chinese-based investor, whose name has not been revealed in the exchange filing on Saturday (June 15), has been described as a subsidiary of a state-owned enterprise in the global global-scale industrial field to provide comprehensive power services.

The holding company of investor also has expertise in wind and solar energy solutions, nuclear industry, medical technology and agriculture, filing.

Hifloux said the potential investor had previously executed a non-disclosure agreement and started preliminarily deleting the group.

The investor also "reserves its right to complete discussions" if a judicial manager or liquidator is appointed over Hypolux or its subsidiaries.

Read: from making waves to drown in red ink: hypocrisy, towering and as a business giant came undone

The proposed deal is subject to regulatory clearance, proper deletion, and the execution of a binding agreement on the filing added requirements, without specifying such investment amount details.

Hyperux, whose year-long restructuring directory remains closely watched by tens of thousands of retail investors, said it continues to engage all potential investors and will make appropriate announcements as and when there are further material developments.

The debtor firm told the site last month that it had been in talks with seven parties since it came out with a former white knight SM Investments in April. It was unclear if the investor revealed that Saturday was one of them.

The seven included United Arab Emirates utility company Utico, which is in "advanced" discussions over the terms of a binding term sheet for an S $ 400 million investment. The UAE utility company has granted Hyflux a term of June 17 for a binding agreement to be signed.

Advanced negotiations are also under the global multi-strategy investment fund, the Oyster Bay Fund, over a possible investment of up to $ 500 million, according to May 27 afidavit by HIFLUX chief Olivia Lum.

Read: Singapore regulators review disclosure issues, accounting practices in HypLux for potential breaches

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The same afidavit also revealed that Hyflux is in contact with five other unnamed investors. One of them is a major desalination firm, which has issued a non-binding letter of interest to acquire several Heflux assets in Algeria, Oman, Middle East and North Africa.

The others include a great player in Asia's power sector, which is a possible fuel with Hiflux, a foreign investment fund that invests in distressed companies, an Asia-based nuclear and civil engineering contractor, and a waste treatment company.

Ms Lum, in which affidavit, said the company had "prioritized discussions with potential strategic investors" seeking to invest in the entire HFFL group, compared to those interested in specific parts of the business.

Hiflux will "collect one investor" to enter into a binding agreement by mid-June, according to its legal advisers in the court last month.

Its site-approved debt moratorium will end on 2 August.

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