Is Hyflux still operating?
Hyflux will finally go into liquidation after the High Court ruled in favour of winding up the troubled water treatment firm. However, observers warn that retail investors may not get back the money they have poured in.
Who owns Hyflux now?
On 19 October 2018, conglomerate Salim Group and energy giant Medco Group agreed to offer Hyflux a S$400 million equity injection, in exchange for a 60 per cent stake in the company once it has settled all its debts.
Who are the creditors of Hyflux?
The judicial management application was filed by an unsecured working group (UWG) of creditors made up of seven banks, namely Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank and Standard Chartered Bank. The UWG holds 55.56 per cent of the senior unsecured debt of Hyflux.
What is judicial management Singapore?
Judicial management is a method of debt restructuring where an independent judicial manager is appointed to manage the affairs, business and property of a company under financial distress. The company is also temporarily shielded from legal proceedings by third parties, giving it the opportunity to rehabilitate.
How is NEWater produced?
NEWater is the brand name given to highly treated reclaimed wastewater produced by Singapore’s Public Utilities Board. NEWater is produced by further purifying conventionally treated wastewater through microfiltration, reverse osmosis and ultraviolet irradiation.
Where is Olivia Lum now?
Lum is still executive chairman and group chief executive officer of Hyflux.
Who appoints judicial manager?
Method 1: Applying to court The nominee must be a licensed insolvency practitioner who is not the auditor of the company. However, the court has the right to reject the applicant’s nomination and appoint another person, who may not necessarily be a licensed insolvency practitioner, as judicial manager instead.
Who can be a judicial manager in Singapore?
The Companies Act and Bankruptcy Act require a person to be a public accountant in order to act as a judicial manager and trustee in bankruptcy respectively.
Is NEWater halal?
In fact, with the advancement of water treatment technology nowadays, used water also can be a drink or potable to use after having the water membrane process. This situation is proven by NEWater technology in Singapore. Furthermore, the use of water for reuse is allowed according to the halal perspective.
Is NEWater only in Singapore?
The first NEWater plant was completed in May 2000. Singapore currently has four operational NEWater factories, at Bedok, Kranji, Ulu Pandan and Changi….Production.
| Plant name | Seletar NEWater plant |
|---|---|
| Location | Seletar |
| Date of commissioning | 2004 |
| Current capacity | Decommissioned in 2011 |
| Operator | PUB |
Why is Hyflux in trouble?
SINGAPORE — Embattled Singaporean water treatment company Hyflux will go into liquidation after it failed to conclude restructuring negotiations with potential investors, putting an end to the three decade-old company that was once seen a success story for the city-state.
Who is CEO of Hyflux?
Olivia Lum
| Olivia Lum | |
|---|---|
| Born | Kampar, Perak, Malaysia |
| Nationality | Singaporean |
| Alma mater | National University of Singapore |
| Occupation | Group CEO & President, Hyflux Group of Companies |
Who is the founder of Hyflux Water Company?
The company was founded in 1989 by Ms Olivia Lum, Group CEO, President and Managing Director. In 2006, the company was given the ‘Water Company of the Year’ award, at the ‘Global Water Awards’, by the Global Water Intelligence, UK.
Who is the CEO of Hyflux in Singapore?
Olivia Lum Ooi Lin is a Singaporean businesswoman. She is best known for being the founder, group chief executive officer, and president of the Singapore -based Hyflux Group. She also heads the Research and Development function.
When is the wind up of Hyflux going to happen?
Control of the company’s operation has been transferred to the appointed judicial managers Hamish Alexander Christie and Patrick Bance of Borrelli Walsh. The company has been approved to wind up on 21 July 2021.
How old was Lum when she started Hyflux?
Lum started corporate life as a chemist with Glaxo Pharmaceutical. After working for three years at Glaxo, she left in 1989 at the age of 28 to start up Hydrochem, the precursor to Hyflux, with just SG$ 20,000 of capital, which she raised by selling her condominium and car.