Regulators Refusing to Act - Hyflux & Noble Group's Decline

[Empower]

Yes, one local, a china SOE and Utico is also trying to JV. It got everyone excited and it will be so dirty that if these are not announced and brushed aside being "incomplete or inaccurate". I hope Debtwire will leak the details to us.

Big brother, is this the Utico JV that you refering to?
https://links.sgx.com/1.0.0/corpora...Joint Hyflux and Utico Announcement_final.pdf

Hyflux 'progressing' towards deal with Utico to invest $400m for 88% stake https://www.straitstimes.com/busine...towards-deal-with-utico-to-invest-400m-for-88 Previously, Utico chief executive Richard Menezes had said in late May that as part of the overall deal, small investors of up to $2,000 to $3,000 could get 50 per cent cash redemption along with full redemption opportunity while the rest of Hyflux's investors could get a similar but staggered and cascade deal.

 

[JustLikeThis]

Big brother, is this the Utico JV that you refering to?
https://links.sgx.com/1.0.0/corporate-announcements/K3S77TITTQ2N3XZX/Joint Hyflux and Utico Announcement_final.pdf

Hyflux 'progressing' towards deal with Utico to invest $400m for 88% stake https://www.straitstimes.com/busine...towards-deal-with-utico-to-invest-400m-for-88 Previously, Utico chief executive Richard Menezes had said in late May that as part of the overall deal, small investors of up to $2,000 to $3,000 could get 50 per cent cash redemption along with full redemption opportunity while the rest of Hyflux's investors could get a similar but staggered and cascade deal.

Yes and No. Utico had this in mind but Hyflux did not disclose to stakeholders the offers and proposals that other bidders gave.

 

[Filloz]

Don't be silly.

The team running Utico are NRI indians. They will flip and smoke you. Effectively, they didn't give you a better guaranteed repayment than SMI. Indians can promise you the sky and the moon but never deliver. Seriously, you trust them?

They are also dreaming and lying. They expect senior creditors to write off and not junior creditors? What kind of logic is this? And within the same creditor class, they repay 50% to those with <$3000 exposure and a tiny % for the rest? Dreaming lah.

 

[Huatable]

Government betrayed our trust and left us to die, what monster had we vote for?

Is Temasek a reflection of Singapore’s economic decline? https://www.asiatimes.com/2019/07/opinion/is-temasek-a-reflection-of-singapores-economic-decline/

 

[Huatable]

Don't be silly.

The team running Utico are NRI indians. They will flip and smoke you. Effectively, they didn't give you a better guaranteed repayment than SMI. Indians can promise you the sky and the moon but never deliver. Seriously, you trust them?

They are also dreaming and lying. They expect senior creditors to write off and not junior creditors? What kind of logic is this? And within the same creditor class, they repay 50% to those with <$3000 exposure and a tiny % for the rest? Dreaming lah.

Sure die. Even Indians in Singapore also don't trust NRI Indians.

 

[JustLikeThis]

The cover up is shitty, PUB is either very naive or full of themselves.

Example a company leases a commercial van from Goldbell Leasing (car leasing company) for $2000 a month. The van is still serviceable but one day, the company suddenly claimed that for a few years the van broke down a few days every month. They filed a massive compensation demand with Goldbell and confiscated the van for $0 because they presented a case that even if they scrap the whole van, it is not enough to cover their loss-of-use for a few days, every month.

Goldbell paid fully for the van, like Hyflux for Tuaspring.

Hyflux is about fake accounts and Singapore regulators' policy failures. If the same situation happens in China (where people don't vote for the government), I believe that the Chinese government will intervene to resolve this issue amicably for their citizen to avoid social unrest. In Singapore, our government just whitewashed the issue and presented themselves as saviours by claiming that PUB helped to reduce Hyflux's losses by taking over and crippling the $1.5billion Tuaspring.

There will be a lot of explanations to be made in the years ahead when the ruling party's powers are weaken.

Government betrayed our trust and left us to die, what monster had we vote for?

It has been a tough year. Policymakers in central bank, regulators in ACRA, SGX and CAD turned a blind eye to the false accountings by Hyflux Board of Directors and Auditors on inflated assets valuations and project income like Enron. Retail investors got manipulated throughout the restructuring process. The last scheme voting was cancelled in the final moments to avoid a fall-out because of the overwhelming objections in submitted proxy votes. Unfair terms in LNG contracts and non-disclosures about public-private partnership (PPP) issues, got swept under the carpet by NEA and PUB with Tuaspring water plant confiscated swiftly as a cover-up.

Rape victims got raped by police when they reported to police.

Do what is right. The regulators and government failed the us. Hyflux investors are patriots who believed in Singapore's water security.
It's our turn to judge them in the next elections. Give ourselves a chance to be heard.

Even when the sky is dark
there are still stars... ...

 

[Soul]

Let's regulate the corrupted regulators in the next elections.

 

[Huatable]

Irresponsible that the PAP government allowed strategic Hyflux to fall into the hands of foreigners

Hyflux and its creditors can finally heave a sigh of relief. Under a deal with Utico (a utility company from the United Arab Emirates), Hyflux will give up an 88% stake to the latter in exchange for S$585 million. This would give it a much needed financial lifeline that will enable it to continue its operations.

Tuaspring is the largest seawater desalination plant is the whole of South East Asia, capable of supplying 25% of our portable water needs. In short, it was a remarkable achievement and a fairy tale. It was the poster boy of a home-grown company that has achieved extraordinary success in our journey towards water sufficiency and safety.

When it opened to much fanfare in September 2013, several PAP ministers attempted to milk publicity by attending the event.

Nonetheless, it ended up falling on hard times due to the collapse of electricity prices and the rest is history. The most important question that the PAP government has to answer is why did they not save Hyflux, an infrastructure of such strategic importance? Instead, they have allowed it to fall into foreigner’s hands?

In South Korea, the Korean government had in the past extended help to some of their ‘Chaebols’ which were just inches away from their corporate death. The actions of the South Korean government allowed them time and space to nurse back to health and once again compete in the international arena, bringing back huge profits and pride to South Korea.

The reluctance of the PAP government to help Hyflux, a company that is able to supply up to about 25% of our portable water in Singapore must be exposed, highlighted and shamed widely. It is irresponsibility and incompetency of the highest level no less.

Simon Lim

 

[JustLikeThis]

Dr Bilveer Singh, an Associate Professor at the National University (NUS) of Singapore’s Department of Political Science, has published a new book – entitled “Is the People’s Action Party here to stay” – examining whether the ruling People’s Action Party (PAP) will endure as the dominant political party in Singapore.

Asserting that the opposition seems to be growing stronger and that “the public is watching as the country faces crisis after crisis at home,” such as the recent spate of cyberattacks, the Hyflux saga, the MRT disruptions and constant price hikes in basic amenities, Dr Singh asks the pertinent question of whether the PAP can stumble and fall.

Pointing out that similar one-party dominant political parties have collapsed elsewhere in the world, like Malaysia’s Barisan Nasional which held the reins of the country until a stunning defeat by the opposition coalition in the watershed 2018 elections, Dr Singh asked whether such a fate would meet the PAP across the causeway.

http://theindependent.sg/nus-associate-professor-asks-whether-the-pap-is-here-to-stay-in-new-book

 

[Huatable]

Top Desal companies: Ampac USA, GE Water, Koch Membranes Systems, Dow Chemicals, DuPont Chemicals, BWT Group, Poseidon Water, Genesis Water Technologies, Kysearo, SeaTask, Lenntech, Toray, IDE Technologies, Degremont, Acciona, Biwater International, Hyflux, Xylem Applied Water, Lifestream Water, KSB, Aquatech

Top Water Treatment companies: DowDuPont Inc., Hyflux Ltd., Inge GmbH, Toray Industries, Inc., GE Water & Process Technologies, Hydranautics, Pentair plc, SUEZ, WesTech Engineering, Inc, Koch Membrane Systems, Evoqua Water Technologies LLC, Pall Corporation, and Dynatec Systems
https://amarketresearchgazette.com/...demand-by-segmentation-and-forecast-2019-2026

Top Private Water Utilities companies: Page 53 Acciona Agua 54. ACEA 55. Acuatico 56. Aegea 57. Agbar/Aquadom Affinity Water 58. Aguas Andinas 59. Aguas Nuevas 60. Aguas de Valencia 61. American States 62. American Water 63. Anglian Water 64. Aqua America 65. Cab Ambiental 66. California Water 67. Veolia – France 68. COPASA 69. Eranove 70. FCC Aqualia – Spain 71. FCC Aqualia – Spain/Con. 72. Foz do Brasil 73. Gelsenwasser 74. Grupo EPM 75. Gruppo Hera 76. Grupo INASSA 78. Groupe Saur 79. Itochu 80. Suez 81. Manila Water 82. Maynilad 83. Marubeni 84. Mitsui Corp. 85. Northumbrian Water 86. PBA Holdings 87. Pennon Group 88. Puncak Niaga 89. Aguas do Brasil 90. SABESP 91. SANEPAR 92. San Jose Water Co. 93.Severn Trent 94. South West Water UK 95. SouthWest Water 96. Southern Water 97. Suez Environment 98. SAJ Holdings 99. SODECI 100. Affinity Water 3 100. South East Water 100. Bristol Water 101. Apa Nova Bucuresti, 101. Sofiyska Voda 102. PVK Prague, SmVak 103. Rosvodokanal 103. Roscomsys 104. Thai Tap Water Supply 105. Thames Water 106. Triple A Barranquilla 107. United Water 108. United Utilities 109. Utilities, Inc. 110. Valoriza Agua 111. Veolia – France/Con. 112. Yorkshire Water
https://www.britishwater.co.uk/media/Download.aspx?MediaId=540

Where is Utico?

 

[torchflame]

My family is very badly affected. I appeal the government to help and arrest the management.

 

[garlic]

My family is very badly affected. I appeal the government to help and arrest the management.

Sorry to hear about this... hope all turns out well..

 

[torchflame]

Sorry to hear about this... hope all turns out well..

I hate the corrupted fat cat regulators in Singapore.

 

[torchflame]

4G leaders must forge 'renewed bond of trust' with voters: DPM Heng

I DON'T TRUST THESE BASTARDS

https://www.channelnewsasia.com/new...bond-trust-voters-heng-swee-keat-pap-11750340

 

[JustLikeThis]

My family is very badly affected. I appeal the government to help and arrest the management.

Sorry to hear about it.

If this happens in China, Korea or Malaysia, the government will certainly step the victims and take over Hyflux. But our citizens are brainwashed to believe that making themselves heard about such massive fraud, will make the authoritarian government more reluctant to help. Seriously, we have only one hope now, that is to tell people around you about the accounting frauds and the cover-ups by regulators, vote to get change in government who will not hesitate to expose the culprits. That's the last chance you have left.

Otherwise, a soon-to-release announcement from Hyflux will just continue disappoint to you.

 

[JustLikeThis]

Otherwise, a soon-to-release announcement from Hyflux will just continue disappoint to you.

(Bloomberg): Utico FZC plans to raise at least S$300m-S$500m via a listing on the Singapore Exchange within two years, according to Richard Menezes, CEO of the UAE-based utility.

1. “We are meeting SGX today for Utico’s listing and other matters,” Menezes told Bloomberg in Singapore.

2. Valuation would be much higher at at least S$2 billion, he says.

3. Utico, which is planning to pick up an 88% stake in distressed Singapore water and power company Hyflux Ltd., has gotten “substantial approvals” from creditors for the deal after several meeting, he said.

4. Hyflux’s creditors may agree to the deal around Aug. 2: Menezes.

5. NOTE: Utico Says Total Value of Hyflux Deal Could Be S$535 Million.

 

[Filloz]

(Bloomberg): Utico FZC plans to raise at least S$300m-S$500m via a listing on the Singapore Exchange within two years, according to Richard Menezes, CEO of the UAE-based utility.

1. “We are meeting SGX today for Utico’s listing and other matters,” Menezes told Bloomberg in Singapore.

2. Valuation would be much higher at at least S$2 billion, he says.

3. Utico, which is planning to pick up an 88% stake in distressed Singapore water and power company Hyflux Ltd., has gotten “substantial approvals” from creditors for the deal after several meeting, he said.

4. Hyflux’s creditors may agree to the deal around Aug. 2: Menezes.

5. NOTE: Utico Says Total Value of Hyflux Deal Could Be S$535 Million.

I represent MTN holders here. We are unsecured senior creditors. Menezes did not get any approval from us. We have the largest headcount in Senior Creditor Class, I don't know who gave him the substantial approvals.

Menezes claims to plan to raise at least $300m - $500m. With you PNPs burdens, who will want to invest in such a company? It defies logic that senior creditors need to write-off and PnPs keep in the books? They sell PNPs false hopes to rally support so that banks give them "substantial approvals" and then they fool PNPs again in future? THIS IS CALLED DIVIDE AND CONQUER. UNDERSTAND?

Today they can treat MTN like transparent, tomorrow they can do this to you. THE INDONESIANS STABBED U RIGHT IN YOUR FACE TO EAT YOU UP, UTICO IS THE SAME, THEY STAB YOU FROM BEHIND.

 

[JustLikeThis]

I represent MTN holders here. We are unsecured senior creditors. Menezes did not get any approval from us. We have the largest headcount in Senior Creditor Class, I don't know who gave him the substantial approvals.

Menezes claims to plan to raise at least $300m - $500m. With you PNPs burdens, who will want to invest in such a company? It defies logic that senior creditors need to write-off and PnPs keep in the books? They sell PNPs false hopes to rally support so that banks give them "substantial approvals" and then they fool PNPs again in future? THIS IS CALLED DIVIDE AND CONQUER. UNDERSTAND?

Today they can treat MTN like transparent, tomorrow they can do this to you. THE INDONESIANS STABBED U RIGHT IN YOUR FACE TO EAT YOU UP, UTICO IS THE SAME, THEY STAB YOU FROM BEHIND.

Since you said they didn't communicate to you (MTN bondholders), I can only speculate that their advisory team is more novice.

As for us perps and prefs, I can only say that Hyflux didn't present details of another proposal to us.

Legally, if perps and prefs don't get the chance to vote for this proposal, it means no change to our term sheet, the coupons remain cummulative and stepped-up 8%pa for the preference shares. Therefore, any experienced advisors will tell Utico to involve us in the voting to restructure the term sheet eg. reduction of coupons, write-off of cummulative coupons, and most importantly waivers and non-pursue for board of directors' past misdeeds. Olivia will want that.

Therefore, it is only to their advantage that we get to vote.

 

[Empower]

https://www.bloomberg.com/news/arti...ore-listing-to-raise-as-much-as-s-500-million

Hyflux Suitor Utico Eyes S$500 Million Singapore IPO in 2 Years
By
Abhishek Vishnoi
and
Denise Wee
July 25, 2019, 7:13 PM GMT+8 Updated on July 26, 2019, 1:31 PM GMT+8

• Valuation of utility firm will be at least S$2 billion: CEO
• Utico meeting with SGX about Utico’s listing, Menezes says

A Hyflux Ltd. plant in Singapore.

United Arab Emirates-based utility Utico FZC plans to raise as much as S$500 million ($366 million) through a listing on the Singapore Exchange in the next two years, according to chief executive officer Richard Menezes.

“We are meeting SGX today for Utico’s listing and other matters,” Menezes told Bloomberg in Singapore on Thursday. The valuation of the company will be at least S$2 billion, he said.




ADVERTISING


Utico is one of the suitors for embattled water treatment firm Hyflux Ltd. and is planning to acquire an 88% stake in the company. The company has received “substantial approvals” from creditors for the deal after several meetings, Menezes said.


The utility firm’s initial public offering is contingent on it acquiring Hyflux, but that condition could change over time, Menezes said. Utico also plans to relist Hyflux after restructuring by the end of 2019 or early next year, he said.


Hyflux is seeking to meet billions in liabilities after an expansion into the power-supply business went awry. The firm has been looking for a white knight investor after a deal with Indonesian consortium SM Investments fell through in April.

In May, a Singapore court extended a so-called debt moratorium that prevents creditors from taking action until Aug. 2. Hyflux’s creditors may agree to the deal around that date, according to Menezes.

 

[Huatable]

many civil servants got killed.