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SM Investments to sue Hyflux for alleged breach of agreement

Maybank to appoint receivers, managers for Tuaspring assets excluding desalination plant

Published Fri, Apr 19, 2019 · 09:50 PM
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Singapore

FORMER white knight SM Investments (SMI) will sue debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday.

Both Hyflux and SMI will be making a grab for the S$38.9 million deposit that was placed in escrow by SMI for the restructuring agreement.

SMI said it had not accepted the water treatment group's "purported termination" of the investment deal on April 4, adding that SMI only ended the deal on Friday in accordance with the terms of the agreement.

Th…

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