White knight SM Investments walks away from Hyflux rescue deal

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SINGAPORE (April 4): Indonesian consortium SM Investments has aborted its proposed deal to invest in Hyflux, ending an agreement that was seen as a lifeline for the beleaguered water treatment company.

Hyflux said in a statement on Thursday that the deal with SM Investments, made up of Indonesia's Salim Group and Medco Group, had lapsed after the latter did not provide a written confirmation that it will proceed with the rescue deal, despite repeated requests by Hyflux to do so.

As a result, the planned scheme meetings on April 5 and 8 — where minority investors are to vote for the deal — have been cancelled, added Hyflux. The...(click on link for full story on theedgesingapore.com)