A new investor has come calling on Hyflux, making an offer to buy out some of its debts, the beleaguered water treatment company disclosed on Tuesday (Dec 17).
The fresh face, a company named Aqua Munda, made its offer to holders of Hyflux’s 4.25 per cent notes due in 2018 and its 4.6 per cent notes and 4.2 per cent notes due in 2019, as well as to the unsecured creditors of Hyflux and three of the company’s subsidiaries.
According to the invitation notice sent to Hyflux, Aqua Munda has estimated that these debts together come up to about $1.8 billion, including contingent liabilities, which are those that may occur in the future, depending on the outcome of an uncertain event.
Aqua Munda Pte Ltd was incorporated in Singapore on Dec 17 this year, listing a registered office address on the 27th floor of Ocean Financial Centre and its main business as the manufacture of water treatment, waste treatment, and oilfield chemicals. With a share capital of $1 million, the company’s sole owner is Bambang Sugeng bin Kajairi, a Singapore citizen.
The invitation for eligible creditors to tender Aqua Munda to buy over the debts will open at 9am on Dec 30 until 5pm on Jan 10 “unless extended or earlier terminated”. A more detailed memorandum to set out the terms and conditions will be issued by Dec 27, the company said.
“For the avoidance of doubt, the investor retains the right in any event to choose not to accept any or all of the offers tendered by the eligible creditors,” Aqua Munda added in its letter. It shall also “not be bound to give any grounds for the acceptance or rejection of any tendered offer.”
Hyflux said of the Aqua Munda in its filing on Tuesday, that it “will make the appropriate announcements as and when there are any further material developments”.