The group’s Qurayyat and Magtaa projects were said to have operational defects and cannot operate at or close to capacity and the Tuaspring and Tianjin Dagang projects were loss-making and could not service their debt with cashflow from operations. Meanwhile, the Tuasone and Tlemcen projects have not yet even been completed.
SINGAPORE (Feb 11): The Securities Investors Association Singapore (SIAS) has sent Hyflux an open letter, containing some 23 questions concerning the group’s operations, valuation and accountability, which the association said had not been addressed by the water treatment company which is currently undergoing debt restructuring.
The open letter, addressed to Hyflux founder Olivia Lum and its board members, started by highlighting that almost every Hyflux asset had material faults and defects which were not announced in the group’s latest annual report.
