.
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
Serious Olivia Lum Ooi Lin , BSc Chem (Hons) '86 NUS
- Thread starter CoffeeAhSoh
- Start date
.
heard she Attends Pastor Joseph Prince's New Creation Church.
At her Peak Prince would give Prophetic Messages regularly about Lum.
Portable water is blue gold...n if a company that produces or purifies water can go into liquidation..just shows how incompetent management is. N only stupid companies have bosses named 'Lum'...the company sure 'Lum' wan n I was right
Skip Navigation
Main navigation and Meta Navigation
To Home
Meta Main Navigation
Toggle share menu
Singapore Edition International Edition
Hyflux's retail investors face losses of up to 89.3% under proposed restructuring plan
BusinessHyflux's retail investors face losses of up to 89.3% under proposed restructuring plan
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
(Photo: Jeremy Long)
By Tang See Kit
16 Feb 2019 08:30PM(Updated: 16 Feb 2019 09:53PM)
Share this content
SINGAPORE: For every S$1,000 invested, a holder of Hyflux’s perpetual securities and preference shares will recover S$106.54, or an implied return rate of 10.7 per cent, under the company’s newly announced restructuring proposal.
This includes a cash payout of S$30.15 and an implied equity return of S$76.39.
For medium-term noteholders, who are of a higher priority on the creditors’ list, the implied return rate is 24.6 per cent, or S$246.35 for every S$1,000 invested.
ADVERTISING
inRead invented by Teads
The cash component for this is S$138.72, while the implied equity return is S$107.63 if the restructuring goes through.
This breakdown in implied returns for investors was made known at a briefing organised by Hyflux on Saturday (Feb 16) afternoon, hours after it announced its closely-watched restructuring plan.
The media session was chaired by a Hyflux spokesperson, alongside the company's legal and financial advisors. Top executives from the company were not present.
Advertisement
Hyflux's proposed rescue plan comes nearly nine months after the former star companyunexpectedly embarked on a restructuring exercise last May and halted trading in all of its SGX-listed shares, leaving tens of thousands of investors reeling.
Last October, it announced a potential lifeline from Indonesian consortium SM Investments, which proposed to invest S$530 million – S$400 million equity injection and a S$130 million shareholder's loan – in exchange for a 60 per cent stake. This values Hyflux at S$667 million.
Out of the S$400 million, S$129 million has been set aside for working capital, leaving about S$271 million for the restructuring, Hyflux's financial advisor told reporters at the briefing.
Under the proposed plan, unsecured creditors will be allocated S$232 million in cash and 27 per cent of the company’s shares post-restructuring.
Holders of perpetual securities and preference shares will receive a cash payout of S$27 million and 10.26 per cent of shares. They also get an additional “top-up” from founder-CEO Olivia Lum and the company’s board of directors, who had earlier said they would be contributing their stakes in the company, as well as entitlements from the restructuring, for redistribution among other stakeholders.
READ: Hyflux lays out restructuring plan to revitalise business, but retail investors lament big losses
READ: Hyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
The company’s spokesperson said this was decided after “extensive negotiations” with creditors.
Still, for many retail investors that Channel NewsAsia spoke to, the proposed recovery rates would translate into significant losses for them.
When asked by Channel NewsAsia how confident is the company in terms of convincing stakeholders to back them up given the low return rates, the financial advisor replied: “We know that the outcome is very difficult given the size of potential losses. However, we do think this is the best option that we have … and it is much better than the alternative (of) liquidation.”
Hyflux had previously said that in a liquidation scenario, senior unsecured creditors can expect returns of about 3.8 to 8.7 per cent. However, those holding on to perpetual securities and preference shares would not be able to recover a single cent.
Advisors stressed that SM Investments – made up of Indonesian conglomerate Salim Group and energy giant Medco Group – is a “serious investor” looking to grow its investments, and has complementary strengths with extensive involvements in the water and power sectors.
The Indonesian consortium also has “financial firepower”.
“With their existing business connections and synergies they can bring to existing businesses of Hyflux, we think they are a very good partner to walk forward with and their offer was the best that we received,” he said.
Advisors also said Hyflux “will be almost debt-free” post-restructuring, save for some “secured bank debt” on the Tuaspring Integrated Water and Power Plant and some other assets.
This leaves the company with a “much stronger balance sheet”, alongside support from a “strong, strategic partner”.
“One can be sure that the investors are looking to grow their investments over the years so the hope for (retail investors when it comes to the) equity portion is that they have an opportunity to ride along with the Salim Group, and hopefully recover all of their money in the future,” said the advisor.
“This is like a day-1 return. If people don’t sell their equity immediately, then there’s the prospect that it could get better over time.”
READ: Hyflux says it remains committed to ‘fair’ restructuring plan as worries among retail investors grow
READ: I am deeply saddened for the pain and loss suffered by investors, lenders: Hyflux CEO
WHAT HAPPENS NEXT
Following Saturday’s announcement, Hyflux has a packed schedule ahead as the clock ticks down to an Apr 16 deadline it has with SM Investments. The company’s court-sanctioned moratorium ends on Apr 30.
First up is a court hearing on Feb 21 for its application to convene a scheme meeting with all creditors. If approved, it will proceed with a scheme meeting on Apr 5.
To pass, the scheme will need to be approved by at least 50 per cent in number and 75 per cent in value of each creditor class. “If one class fails, the scheme fails,” said Hyflux’s legal advisor.
Hyflux will also hold its third round of town hall meetings with holders of its notes, perpetual securities and preferences shares, as well as ordinary shares on Mar 13.
Channel NewsAsia has also reported that an “independent” investor-only town hall session is being planned. Details will be confirmed by the Securities Investors Association Singapore (SIAS) in coming days.
READ: ‘Independent’ investor-only meeting being planned by SIAS for Hyflux’s retail investors
Source: CNA/sk
Tagged Topics
Share this content
More stories for you
Get the Channel NewsAsianewsletter in your inbox
SUBSCRIBE
Advertisement
More information about Channel News Asia
jump to top of page
Sections
About Us
Advertise with us
Get the news that matters in your inbox every morning!
Please enter your email address
I consent to the use of my personal data by Mediacorp and the Mediacorp group of companies (collectively "Mediacorp") to send me marketing and advertising materials in relation to goods and services of Mediacorp and its business partners and for research and analysis
SUBSCRIBE
Follow our news
Experience news with our apps
Copyright© Mediacorp 2019. Mediacorp Pte Ltd. All rights reserved.
image: https://secure-sg.imrworldwide.com/...ttps://www.channelnewsasia.com/news/singapore
image: https://rp.gwallet.com/r1/cm/p46
Read more at https://www.channelnewsasia.com/new...tors-face-losses-of-up-to-89-3-under-11249968
Main navigation and Meta Navigation
To Home
Meta Main Navigation
- OpenAll SectionsAll SectionsClose
Toggle share menu
Singapore Edition International Edition
Hyflux's retail investors face losses of up to 89.3% under proposed restructuring plan
BusinessHyflux's retail investors face losses of up to 89.3% under proposed restructuring plan
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
(Photo: Jeremy Long)
By Tang See Kit
16 Feb 2019 08:30PM(Updated: 16 Feb 2019 09:53PM)
Share this content
SINGAPORE: For every S$1,000 invested, a holder of Hyflux’s perpetual securities and preference shares will recover S$106.54, or an implied return rate of 10.7 per cent, under the company’s newly announced restructuring proposal.
This includes a cash payout of S$30.15 and an implied equity return of S$76.39.
For medium-term noteholders, who are of a higher priority on the creditors’ list, the implied return rate is 24.6 per cent, or S$246.35 for every S$1,000 invested.
ADVERTISING
inRead invented by Teads
The cash component for this is S$138.72, while the implied equity return is S$107.63 if the restructuring goes through.
This breakdown in implied returns for investors was made known at a briefing organised by Hyflux on Saturday (Feb 16) afternoon, hours after it announced its closely-watched restructuring plan.
The media session was chaired by a Hyflux spokesperson, alongside the company's legal and financial advisors. Top executives from the company were not present.
Advertisement
Hyflux's proposed rescue plan comes nearly nine months after the former star companyunexpectedly embarked on a restructuring exercise last May and halted trading in all of its SGX-listed shares, leaving tens of thousands of investors reeling.
Last October, it announced a potential lifeline from Indonesian consortium SM Investments, which proposed to invest S$530 million – S$400 million equity injection and a S$130 million shareholder's loan – in exchange for a 60 per cent stake. This values Hyflux at S$667 million.
Out of the S$400 million, S$129 million has been set aside for working capital, leaving about S$271 million for the restructuring, Hyflux's financial advisor told reporters at the briefing.
Under the proposed plan, unsecured creditors will be allocated S$232 million in cash and 27 per cent of the company’s shares post-restructuring.
Holders of perpetual securities and preference shares will receive a cash payout of S$27 million and 10.26 per cent of shares. They also get an additional “top-up” from founder-CEO Olivia Lum and the company’s board of directors, who had earlier said they would be contributing their stakes in the company, as well as entitlements from the restructuring, for redistribution among other stakeholders.
READ: Hyflux lays out restructuring plan to revitalise business, but retail investors lament big losses
READ: Hyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
The company’s spokesperson said this was decided after “extensive negotiations” with creditors.
Still, for many retail investors that Channel NewsAsia spoke to, the proposed recovery rates would translate into significant losses for them.
When asked by Channel NewsAsia how confident is the company in terms of convincing stakeholders to back them up given the low return rates, the financial advisor replied: “We know that the outcome is very difficult given the size of potential losses. However, we do think this is the best option that we have … and it is much better than the alternative (of) liquidation.”
Hyflux had previously said that in a liquidation scenario, senior unsecured creditors can expect returns of about 3.8 to 8.7 per cent. However, those holding on to perpetual securities and preference shares would not be able to recover a single cent.
Advisors stressed that SM Investments – made up of Indonesian conglomerate Salim Group and energy giant Medco Group – is a “serious investor” looking to grow its investments, and has complementary strengths with extensive involvements in the water and power sectors.
The Indonesian consortium also has “financial firepower”.
“With their existing business connections and synergies they can bring to existing businesses of Hyflux, we think they are a very good partner to walk forward with and their offer was the best that we received,” he said.
Advisors also said Hyflux “will be almost debt-free” post-restructuring, save for some “secured bank debt” on the Tuaspring Integrated Water and Power Plant and some other assets.
This leaves the company with a “much stronger balance sheet”, alongside support from a “strong, strategic partner”.
“One can be sure that the investors are looking to grow their investments over the years so the hope for (retail investors when it comes to the) equity portion is that they have an opportunity to ride along with the Salim Group, and hopefully recover all of their money in the future,” said the advisor.
“This is like a day-1 return. If people don’t sell their equity immediately, then there’s the prospect that it could get better over time.”
READ: Hyflux says it remains committed to ‘fair’ restructuring plan as worries among retail investors grow
READ: I am deeply saddened for the pain and loss suffered by investors, lenders: Hyflux CEO
WHAT HAPPENS NEXT
Following Saturday’s announcement, Hyflux has a packed schedule ahead as the clock ticks down to an Apr 16 deadline it has with SM Investments. The company’s court-sanctioned moratorium ends on Apr 30.
First up is a court hearing on Feb 21 for its application to convene a scheme meeting with all creditors. If approved, it will proceed with a scheme meeting on Apr 5.
To pass, the scheme will need to be approved by at least 50 per cent in number and 75 per cent in value of each creditor class. “If one class fails, the scheme fails,” said Hyflux’s legal advisor.
Hyflux will also hold its third round of town hall meetings with holders of its notes, perpetual securities and preferences shares, as well as ordinary shares on Mar 13.
Channel NewsAsia has also reported that an “independent” investor-only town hall session is being planned. Details will be confirmed by the Securities Investors Association Singapore (SIAS) in coming days.
READ: ‘Independent’ investor-only meeting being planned by SIAS for Hyflux’s retail investors
Source: CNA/sk
Tagged Topics
Share this content
More stories for you
- Hyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
Toggle share menu - Hyflux lays out restructuring plan to revitalise business, but retail investors lament big losses
Toggle share menu - I am deeply saddened for the pain and loss suffered by investors, lenders: Hyflux CEO
Toggle share menu
image: https://images.outbrainimg.com/transform/v3/eyJpdSI6ImVhNDI0NjEzZTJkMzczYzlmNWRhZDcwNTFhMzNhOTc3MzBjOTMxNzFjZjkwYjA2NzA0ODViZDA1OTU4MDAyNGEiLCJ3IjozMDAsImgiOjIwMCwiZCI6MS41LCJjcyI6MCwiZiI6NH0.webp
Gan Kim Yong on HIV data leak: Why the public wasn't informed earlier
image: https://images2.zemanta.com/p/srv/sha/08/19/ab/0706e93486c48d9863be9c8d7621cbe18e.jpg?w=300&h=200&fit=crop&crop=center&fm=jpg
If You Have Any Of These 20 Toys Around, You Just Became RichEditor Choice
Get the Channel NewsAsianewsletter in your inbox
SUBSCRIBE
Advertisement
More information about Channel News Asia
jump to top of page
Sections
About Us
Advertise with us
Get the news that matters in your inbox every morning!
Please enter your email address
I consent to the use of my personal data by Mediacorp and the Mediacorp group of companies (collectively "Mediacorp") to send me marketing and advertising materials in relation to goods and services of Mediacorp and its business partners and for research and analysis
SUBSCRIBE
Follow our news
Experience news with our apps
Copyright© Mediacorp 2019. Mediacorp Pte Ltd. All rights reserved.
image: https://secure-sg.imrworldwide.com/...ttps://www.channelnewsasia.com/news/singapore
image: https://rp.gwallet.com/r1/cm/p46
Read more at https://www.channelnewsasia.com/new...tors-face-losses-of-up-to-89-3-under-11249968
Skip Navigation
Main navigation and Meta Navigation
To Home
Meta Main Navigation
Toggle share menu
Singapore Edition International Edition
Hyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
SingaporeHyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
g
b
00:0002:39
oi
The executive chairman of embattled water treatment company Hyflux and its board members are set to distribute their entire stake of shares and securities in the company to all other shareholders. Holders of Hyflux’s perpetual securities and preference shares will be allocated a cash payout of S$27 million and 10.26 per cent of the company’s shares post-restructuring. Eugenia Lim reports.
16 Feb 2019 11:17AM(Updated: 16 Feb 2019 10:53PM)
Share this content
SINGAPORE: The executive chairman of embattled water treatment company Hyflux and its board members are set to distribute their entire stake of shares and securities in the company to all other shareholders.
In a news release on Saturday (Feb 16), the company said Ms Olivia Lum and its board of directors "intend to contribute their stakes in Hyflux, and all their entitlements as holders of preference shares (PNP) and perpetual capital securities" under the proposed restructuring plan, to be distributed to all other holders.
ADVERTISING
inRead invented by Teads
According to the release, Ms Lum's entire stake is worth 267 million Hyflux shares and securities. Based on Hyflux's latest annual report, this represents 34.05 per cent of the company's ordinary shares as at Mar 14, 2018.
The announcement follows the release of an 18-page reply by Ms Lum to Securities Investors’ Association (Singapore) (SIAS), which on Monday had raised more than 40 questions about, among others, the "large remuneration" she enjoyed amid the company's financial troubles.
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
Hyflux CEO Olivia Lum. (File photo: AFP/Tengku Bahar)
In the latest news release, Ms Lum said she started Hyflux some 30 years ago and that the current situation was "not something I ever envisioned nor is it something I ever wanted".
Advertisement
READ: ‘Independent’ investor-only meeting being planned by SIAS for Hyflux’s retail investors
READ: Hyflux extends deadline for stakeholders to file proofs of claims
"We feel for all our stakeholders, and we are deeply aware of and empathise with your unhappiness. We have tried extremely hard to find ways to improve the terms of the Restructuring Plan for the PNP. I have volunteered to give up receiving any management shares in the Company.
"I have also undertaken that if this Restructuring Plan is approved, all of the interests of mine and the other Board members in Hyflux will be given solely to this group. In this way, it is my hope that they may reap the future benefits which the Salim-Medco consortium deal can offer them,” Ms Lum said.
Lead independent director, Mr Teo Kiang Kok said: “The entire Board is saddened by Hyflux’s current state of affairs. We share the pain of the holders of preference shares and perpetual securities, and we stand together with Olivia and join her in contributing our stakes in Hyflux to the PNP.
"We have always appreciated Olivia’s leadership and thank her for offering to give up her entire founding stake in the Company to the PNP.”
Source: CNA/mn
Tagged Topics
Share this content
More stories for you
Get the Channel NewsAsianewsletter in your inbox
SUBSCRIBE
Advertisement
More information about Channel News Asia
jump to top of page
Sections
About Us
Advertise with us
Get the news that matters in your inbox every morning!
Please enter your email address
I consent to the use of my personal data by Mediacorp and the Mediacorp group of companies (collectively "Mediacorp") to send me marketing and advertising materials in relation to goods and services of Mediacorp and its business partners and for research and analysis
SUBSCRIBE
Follow our news
Experience news with our apps
Copyright© Mediacorp 2019. Mediacorp Pte Ltd. All rights reserved.
image: https://secure-sg.imrworldwide.com/...ttps://www.channelnewsasia.com/news/singapore
image: https://rp.gwallet.com/r1/cm/p46
Read more at https://www.channelnewsasia.com/new...oard-to-contribute-company-shares-to-11249344
Main navigation and Meta Navigation
To Home
Meta Main Navigation
- OpenAll SectionsAll SectionsClose
Toggle share menu
Singapore Edition International Edition
Hyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
SingaporeHyflux CEO Olivia Lum, board offer to give up company stake to other shareholders
g
b
00:0002:39
oi
The executive chairman of embattled water treatment company Hyflux and its board members are set to distribute their entire stake of shares and securities in the company to all other shareholders. Holders of Hyflux’s perpetual securities and preference shares will be allocated a cash payout of S$27 million and 10.26 per cent of the company’s shares post-restructuring. Eugenia Lim reports.
16 Feb 2019 11:17AM(Updated: 16 Feb 2019 10:53PM)
Share this content
SINGAPORE: The executive chairman of embattled water treatment company Hyflux and its board members are set to distribute their entire stake of shares and securities in the company to all other shareholders.
In a news release on Saturday (Feb 16), the company said Ms Olivia Lum and its board of directors "intend to contribute their stakes in Hyflux, and all their entitlements as holders of preference shares (PNP) and perpetual capital securities" under the proposed restructuring plan, to be distributed to all other holders.
ADVERTISING
inRead invented by Teads
According to the release, Ms Lum's entire stake is worth 267 million Hyflux shares and securities. Based on Hyflux's latest annual report, this represents 34.05 per cent of the company's ordinary shares as at Mar 14, 2018.
The announcement follows the release of an 18-page reply by Ms Lum to Securities Investors’ Association (Singapore) (SIAS), which on Monday had raised more than 40 questions about, among others, the "large remuneration" she enjoyed amid the company's financial troubles.
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
Hyflux CEO Olivia Lum. (File photo: AFP/Tengku Bahar)
In the latest news release, Ms Lum said she started Hyflux some 30 years ago and that the current situation was "not something I ever envisioned nor is it something I ever wanted".
Advertisement
READ: ‘Independent’ investor-only meeting being planned by SIAS for Hyflux’s retail investors
READ: Hyflux extends deadline for stakeholders to file proofs of claims
"We feel for all our stakeholders, and we are deeply aware of and empathise with your unhappiness. We have tried extremely hard to find ways to improve the terms of the Restructuring Plan for the PNP. I have volunteered to give up receiving any management shares in the Company.
"I have also undertaken that if this Restructuring Plan is approved, all of the interests of mine and the other Board members in Hyflux will be given solely to this group. In this way, it is my hope that they may reap the future benefits which the Salim-Medco consortium deal can offer them,” Ms Lum said.
Lead independent director, Mr Teo Kiang Kok said: “The entire Board is saddened by Hyflux’s current state of affairs. We share the pain of the holders of preference shares and perpetual securities, and we stand together with Olivia and join her in contributing our stakes in Hyflux to the PNP.
"We have always appreciated Olivia’s leadership and thank her for offering to give up her entire founding stake in the Company to the PNP.”
Source: CNA/mn
Tagged Topics
Share this content
More stories for you
- Hyflux lays out restructuring plan to revitalise business, but retail investors lament big losses
Toggle share menu - I am deeply saddened for the pain and loss suffered by investors, lenders: Hyflux CEO
Toggle share menu - SIAS raises questions about Hyflux CEO’s remuneration amid financial troubles
Toggle share menu
image: https://images.outbrainimg.com/transform/v3/eyJpdSI6IjJhNDhjN2ZiNzFkNTZjYTFhYzM2NTk3ZWFmZWMxMDEwMWI0MDQ3MGU3YWRlNzMyZjIyZmFlNjk4NGE5NDgzYmQiLCJ3IjozMDAsImgiOjIwMCwiZCI6MS41LCJjcyI6MCwiZiI6NH0.webp
Yvonne Lim is back in Singapore to film Channel 8 drama 'While You Were Away’!
image: https://images2.zemanta.com/p/srv/sha/08/19/ab/0706e93486c48d9863be9c8d7621cbe18e.jpg?w=300&h=200&fit=crop&crop=center&fm=jpg
If You Have Any Of These 20 Toys Around, You Just Became RichEditor Choice
Get the Channel NewsAsianewsletter in your inbox
SUBSCRIBE
Advertisement
More information about Channel News Asia
jump to top of page
Sections
About Us
Advertise with us
Get the news that matters in your inbox every morning!
Please enter your email address
I consent to the use of my personal data by Mediacorp and the Mediacorp group of companies (collectively "Mediacorp") to send me marketing and advertising materials in relation to goods and services of Mediacorp and its business partners and for research and analysis
SUBSCRIBE
Follow our news
Experience news with our apps
Copyright© Mediacorp 2019. Mediacorp Pte Ltd. All rights reserved.
image: https://secure-sg.imrworldwide.com/...ttps://www.channelnewsasia.com/news/singapore
image: https://rp.gwallet.com/r1/cm/p46
Read more at https://www.channelnewsasia.com/new...oard-to-contribute-company-shares-to-11249344
.
Water Treatment Business has low entry barriers.
Lum and Sim Wong Hoo should have follow in the footsteps of Popiah King Datuk Sam Goi - diversify into Property Real Est Development.
Sam is now more famous for his GSH Corp than his Popiah skin.
Water Treatment Business has low entry barriers.
Lum and Sim Wong Hoo should have follow in the footsteps of Popiah King Datuk Sam Goi - diversify into Property Real Est Development.
Sam is now more famous for his GSH Corp than his Popiah skin.
OLum is another cunning Jiu Hu girl who milked Sinkies dry.
@ginfreely ... Is she cuntonese or fuckkien or fuckka?
@ginfreely ... Is she cuntonese or fuckkien or fuckka?
https://en.m.wikipedia.org/wiki/Olivia_Lum
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.[2][3][4][5] She also heads the Research and Development function.[citation needed]
Early life
Lum was adopted at birth, and never knew her biological parents; she was brought up by a woman she called her "grandmother". When Lum was only three, her grandmother gambled away her savings; they lost the house in which they were living, and moved to a shack without running water.[2] She came to Singapore at the age of 15 and enrolled at the Tiong Bahru Secondary School, where she supported herself through tutoring and sales jobs. She went on to study at Hwa Chong Junior College and graduated in 1986 with an Honours degree in chemistry from the Faculty of Science of the National University of Singapore.[3]
Career
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.[3] She hired three employees at the start; Lum herself rode around on a motorcycle selling her company's water filters and treatment chemicals.[4] By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange's Mainboard in April 2003.[citation needed] By 2005, she had a net worth of over US$240 million, which earned her a place as the only woman on Forbes' "Southeast Asia Rich List". As of 2007, Hyflux was worthSG$1 billion and employed more than 800 people.[3]
Lum holds several positions in public service. She is a board member of SPRING Singapore, the National University Singapore Council, and the Singapore Exchange, as well as the president of the Singapore Water Association. She is also a member of the UNESCAP Business Advisory Council and the Singapore Green Plan 2012 coordinating committee.[6] Lum was a Nominated Member of Parliament in the Parliament of Singapore from 2 July 2002 to 1 January 2005.[7] In 2003, she was awarded the International Management Action Award, followed by the Global Female Invent and Innovate Award the following year.[8]
On October 3, 2008, Lum resigned her position as independent non-executive director of the Singapore Exchange and relinquished her position on the audit, regulatory conflicts and remuneration committees of the Exchange, according to the Exchange's filing. She stated this was due to her heavy work commitments in line with Hyflux's rapid expansion, and that her resignation would enable her to focus more time and resources on Hyflux's growth.[9]
In 2013, Lum was appointed to the board at International Enterprise Singapore (IE Singapore)[10] In 2014 she was appointed the board of Singapore Technologies Engineering (ST Engineering).
In 2018, Lum resigned from this position citing business commitments as her reason for resignation.[11]
In May 2018, Hyflux applied to the Singapore High Court for a 30-day protection against creditor claims to allow the company time to reorganize its liabilities.[12] Following this voluntary filing, Lum announced a series of three townhall meetings with the company's 50,000 plus retail shareholders.[13] In July, Lum announced that efforts would be made to “ensure that the company stays viable.” Lum also noted that Hyflux had total debt of $1.17 billion.[14]
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.[2][3][4][5] She also heads the Research and Development function.[citation needed]
Early life
Lum was adopted at birth, and never knew her biological parents; she was brought up by a woman she called her "grandmother". When Lum was only three, her grandmother gambled away her savings; they lost the house in which they were living, and moved to a shack without running water.[2] She came to Singapore at the age of 15 and enrolled at the Tiong Bahru Secondary School, where she supported herself through tutoring and sales jobs. She went on to study at Hwa Chong Junior College and graduated in 1986 with an Honours degree in chemistry from the Faculty of Science of the National University of Singapore.[3]
Career
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.[3] She hired three employees at the start; Lum herself rode around on a motorcycle selling her company's water filters and treatment chemicals.[4] By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange's Mainboard in April 2003.[citation needed] By 2005, she had a net worth of over US$240 million, which earned her a place as the only woman on Forbes' "Southeast Asia Rich List". As of 2007, Hyflux was worthSG$1 billion and employed more than 800 people.[3]
Lum holds several positions in public service. She is a board member of SPRING Singapore, the National University Singapore Council, and the Singapore Exchange, as well as the president of the Singapore Water Association. She is also a member of the UNESCAP Business Advisory Council and the Singapore Green Plan 2012 coordinating committee.[6] Lum was a Nominated Member of Parliament in the Parliament of Singapore from 2 July 2002 to 1 January 2005.[7] In 2003, she was awarded the International Management Action Award, followed by the Global Female Invent and Innovate Award the following year.[8]
On October 3, 2008, Lum resigned her position as independent non-executive director of the Singapore Exchange and relinquished her position on the audit, regulatory conflicts and remuneration committees of the Exchange, according to the Exchange's filing. She stated this was due to her heavy work commitments in line with Hyflux's rapid expansion, and that her resignation would enable her to focus more time and resources on Hyflux's growth.[9]
In 2013, Lum was appointed to the board at International Enterprise Singapore (IE Singapore)[10] In 2014 she was appointed the board of Singapore Technologies Engineering (ST Engineering).
In 2018, Lum resigned from this position citing business commitments as her reason for resignation.[11]
In May 2018, Hyflux applied to the Singapore High Court for a 30-day protection against creditor claims to allow the company time to reorganize its liabilities.[12] Following this voluntary filing, Lum announced a series of three townhall meetings with the company's 50,000 plus retail shareholders.[13] In July, Lum announced that efforts would be made to “ensure that the company stays viable.” Lum also noted that Hyflux had total debt of $1.17 billion.[14]
Last edited:
For an individual who has gone through such stressful financial hardship in her younger days, battled adversity and "achieved success" either through a combination of hard work, connections and luck, money is very important to her in her subconscious mind. She has seen and experienced poverty at its worst.
I wonder how many followers of Nude Creation church lost money in her Hyflux crap.
Lol...
She must have contributed lots of money to this "church" too.
And yet she can fuck up in selling needs and not wants
I thot her business in Sg was like license to print money.
How can she fucked up?
Good to know that Pastor Joseph Prince
is Not infallible in his prediction.
God Bless Olivia.
