Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Hyflux gathers S$3.5 billion in proofs of claims from 73 parties

Owners of Hyflux’s S$500 million 6% perpetual securities have filed claims of S$540.7 million, while owners of the group’s preference shares have filed claims worth S$429.3 million.

Water treatment firm Hyflux has received proof of claims from 73 parties, amounting to S$3.51 billion, the firm announced in a regulatory filing on Friday.

The list of claimants ranges from banks, to landlords, to retail investors. The filing of proofs is a requirement before the claimant is entitled to vote on the restructuring proposal at the scheme meeting scheduled on April 5th.

On the list, retail investors in Hyflux’s perpetual securities and preference shares have filed proofs of claim amounts totalling close to a billion dollars. Owners of Hyflux’s S$500 million 6% perpetual securities have filed claims of S$540.7 million, while owners of the group’s preference shares have filed claims worth S$429.3 million.

Project firm Tahlyat Myah Magtaa in Algeria, North Africa has filed a proof of claim worth S$502.6 million for an engineering, procurement and construction (EPC) contract and an operations and maintenance contract parent guarantee that is tied to the group’s Magtaa desalination plant.

Bank claimants such as DBS Bank is asking for claims of S$109.2 million for a syndicated loan and various EPC contract performance bonds. Mizuho Bank in Singapore is seeking to claim S$183.2 million for a syndicated loan, bilateral loan and project delivery guarantee.

Before the scheme meeting, Hyflux is scheduled to meet retail investors in a third round of townhall meetings on March 13th.

Putting out fires

The firm has been making headlines in recent weeks, with investor watchdog the Securities Investors Association (Singapore) last month querying the water treatment company on not providing critical information regarding the operations, valuation and accountability of the board of directors of Hyflux, in a bid to help frustrated retail investors to make an informed decision on the restructuring.

On Saturday, Hyflux wrote in a statement it submitted to the High Court of the Republic of Singapore it took an impairment hit of S$916 million for the first nine months of last year, to adjust to the fall in carrying value of the Tuaspring water and power plant and other write-downs.

On Tuesday, Singapore’s national water agency PUB issued a default notice to Hyflux’s Tuaspring for failing to keep its desalination plant in a ‘reliably operational’ mode as required under the Water Purchase Agreement.

The PUB has given Tuaspring a 30-day notice to remedy any defaults and said it will exercise its right to terminate the agreement and ‘take control of the plant’ if the defaults are not fixed.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Act on share opportunities today

Go long or short on thousands of international stocks with spread bets and CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.