In a term sheet that was part of the stock exchange filing, SGI pledged an “augmentation of executive leadership,” and said that it would replace Hyflux’s board of directors entirely. Chief Executive Officer Olivia Lum would become non-executive chair of the advisory board, the US company said.
Hyflux Ltd., in its third year of a debt-restructuring process, said it’s supporting a plan proposed by Strategic Growth Investments LLC to acquire and privatize it in a transaction that would include a cash injection of $208 million.
The water treatment company will work with SGI to “facilitate the adoption and implementation of this proposal by the various stakeholders on a timely basis,” Lau Wing Tat, a Hyflux director, said in a filing to the Singapore exchange Friday.
