Hyflux gets S$530 mil lifeline from Indonesia's Salim and Medco groups

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SINGAPORE (Oct 18): Two of Indonesia's largest companies have come to the rescue of Hyflux from its creditors.

SM Investments, a consortium made up of The Salim Group and the Medco Group, will invest S$530 million in the debt-ridden water-treatment and power company.

Under a scheme of arrangement, SM Investments will acquire an enlarged 60% stake in Hyflux for S$400 million, while granting it a shareholder’s loan of S$130 million.

Additionally, SM Investments will grant Hyflux a S$30 million loan for the interim working capital requirement of the company for...(click on link for full story on theedgesingapore.com)