They trying tire you physically, exhaust you mentally. Then when u give up, profit is just around the corner!
Olivia always taking breathers away from Singapore. She is not exhausted.
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Regulators Refusing to Act - Hyflux & Noble Group's Decline
- Thread starter JustLikeThis
- Start date
Olivia always taking breathers away from Singapore. She is not exhausted.
Utico had stated during the town hall that SIAS and its advisers have not worked towards achieving a better deal for the PnP holders.
https://www.businesstimes.com.sg/co...lux-to-clarify-scheme-terms-for-pnp-investors
https://www.businesstimes.com.sg/co...lux-to-clarify-scheme-terms-for-pnp-investors
The unhappiness, lies and coverups about Hyflux will be reflected in the next elections. With the Wuhan virus recession and influx of foreigners in our education and workforce, there is a chance that we can duplicate the last Malaysian general election's changes. Better still, this is the country that says it is alright to go to crowded places and not necessary to wear masks unless not feeling well.
NEA thought that they were smart to block China buyers in 2018 for Tuaspring and ended up destroying a national icon, Hyflux.
The judge thought Hyflux would be his career highlight and ended up burning up the remaining value of the Hyflux.
Daughter of the judge's friend now walked away after realizing that Hyflux is her biggest career flop.
SINgapore is willing and readily to respond in time to save the rich developers but leave retail investors who belief in our water security to die.
https://www.bloomberg.com/news/arti...-rule-easing-may-be-start-of-regulatory-shift
https://www.bloomberg.com/news/arti...-rule-easing-may-be-start-of-regulatory-shift
this property rule easing is a lifeline to revive the economy compare to trying to save hyflux.
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Questionable accounting standards in Hyflux
https://www.theedgesingapore.com/ne...stcos-ordered-perform-quarterly-reporting-sgx
SINGAPORE (Feb 6): Embattled water treatment firm Hyflux and technology company Trek 2000 are among dozens of Singapore-listed companies that have been ordered by the regulatory arm of the Singapore Exchange (SGX) to perform quarterly reporting (QR) of its financial results. For Hyflux, the bourse cited concerns surrounding its related disclosure issues, as well as the group’s compliance with accounting and auditing standards.
https://www.theedgesingapore.com/ne...stcos-ordered-perform-quarterly-reporting-sgx
SINGAPORE (Feb 6): Embattled water treatment firm Hyflux and technology company Trek 2000 are among dozens of Singapore-listed companies that have been ordered by the regulatory arm of the Singapore Exchange (SGX) to perform quarterly reporting (QR) of its financial results. For Hyflux, the bourse cited concerns surrounding its related disclosure issues, as well as the group’s compliance with accounting and auditing standards.
More meets the eye - Hyflux Director Simon Tay who mocked retail investors as "noises" is a member of Wong Partnership.
https://www.zaobao.com.sg/zfinance/realtime/story20200208-1027363
https://www.zaobao.com.sg/zfinance/realtime/story20200208-1027363
Conflict of Interests
https://www.businesstimes.com.sg/co...ay-quits-after-commenting-on-wongps-discharge
https://www.businesstimes.com.sg/co...ay-quits-after-commenting-on-wongps-discharge
Simon is white horse. He can't be arrested. He can split the beans if he is arrested. You see, everyone is related.
Wong Partnership and Simon quit because they know that Utico lacked the funds, and thus didn't get sufficient bank's support.
Time for a close look into why Hyflux tanked. This was no typical business failure
I REFER to the recent news reports on Hyflux. I would like to call for a thorough assessment of the company's failure and to note the plight of the perpetual securities investors because this is not a typical business failure.
First and foremost, it is a business failure and the responsibility of the management led by Olivia Lum cannot be denied. With the benefit of hindsight, we can accuse her of deviating from her core business of water treatment to power generation. Even if the heavy use of electricity for the water business justifies some stake in a power plant, why didn't she sell away part of the ownership to reduce the company's risk? She also committed the company to a high-priced gas supply contract with no corresponding mechanism to protect the company against the decline of the electricity price.
Secondly, we also know that the collapse of the wholesale electricity price was the single most important reason for Hyflux's failure. We now know that the collapse in electricity price was the direct result of the vesting contracts given to the other gencos in return for their support to sign long term take-or-pay gas supply contracts from the LNG terminal, itself another national project. As a result of the vesting contracts, the existing gencos expanded capacity rapidly, resulting in a reserved margin of 80 per cent instead of the normal 30 per cent, hence precipitating the price collapse.
As drastic change on both the demand and supply sides are unforseen because local power consumption growth has been steady, there is no way for Hyflux or any financial analyst to have anticipated the collapse in the electricity price to about S$50 per MWh in 2016, when Hyflux's power plant started to sell its output. Obviously the Energy Market Authority also did not render relief to Hyflux at an early stage to buffer it from the unintended results of the vesting contracts.
Thirdly, on the other hand, financial analysts of the financial institutions who sold the perpetual securities should have anticipated the financial risks to unsophisticated CPF investors when the securities were issued in 2016, because by then, the electricity price had collapsed. In fact, the proceeds of the 2016 issue was used to redeem two old perpetual securities issued in 2014, only to the more sophisticated accredited and institutional investors.
Based on the above, I urge the government to consider nationalising Hyflux as the effect of the public decisions was disproportionately large and could not have been anticipated by the private managers of Hyflux. Given time to restructure, Hyflux's strategic and financial value could be no less than that of Olam, which received billions of dollars of support from Temasek in 2014.
The Monetary Authority of Singapore should look into the financial analyses and selling processes of the financial institutions and ask why they chose to sell the new issue to unsophisticated investors when the financial health of Hyflux had deteriorated in 2016 compared to 2014.
Leong Mun Wai
https://www.businesstimes.com.sg/op...x-tanked-this-was-no-typical-business-failure
I REFER to the recent news reports on Hyflux. I would like to call for a thorough assessment of the company's failure and to note the plight of the perpetual securities investors because this is not a typical business failure.
First and foremost, it is a business failure and the responsibility of the management led by Olivia Lum cannot be denied. With the benefit of hindsight, we can accuse her of deviating from her core business of water treatment to power generation. Even if the heavy use of electricity for the water business justifies some stake in a power plant, why didn't she sell away part of the ownership to reduce the company's risk? She also committed the company to a high-priced gas supply contract with no corresponding mechanism to protect the company against the decline of the electricity price.
Secondly, we also know that the collapse of the wholesale electricity price was the single most important reason for Hyflux's failure. We now know that the collapse in electricity price was the direct result of the vesting contracts given to the other gencos in return for their support to sign long term take-or-pay gas supply contracts from the LNG terminal, itself another national project. As a result of the vesting contracts, the existing gencos expanded capacity rapidly, resulting in a reserved margin of 80 per cent instead of the normal 30 per cent, hence precipitating the price collapse.
As drastic change on both the demand and supply sides are unforseen because local power consumption growth has been steady, there is no way for Hyflux or any financial analyst to have anticipated the collapse in the electricity price to about S$50 per MWh in 2016, when Hyflux's power plant started to sell its output. Obviously the Energy Market Authority also did not render relief to Hyflux at an early stage to buffer it from the unintended results of the vesting contracts.
Thirdly, on the other hand, financial analysts of the financial institutions who sold the perpetual securities should have anticipated the financial risks to unsophisticated CPF investors when the securities were issued in 2016, because by then, the electricity price had collapsed. In fact, the proceeds of the 2016 issue was used to redeem two old perpetual securities issued in 2014, only to the more sophisticated accredited and institutional investors.
Based on the above, I urge the government to consider nationalising Hyflux as the effect of the public decisions was disproportionately large and could not have been anticipated by the private managers of Hyflux. Given time to restructure, Hyflux's strategic and financial value could be no less than that of Olam, which received billions of dollars of support from Temasek in 2014.
The Monetary Authority of Singapore should look into the financial analyses and selling processes of the financial institutions and ask why they chose to sell the new issue to unsophisticated investors when the financial health of Hyflux had deteriorated in 2016 compared to 2014.
Leong Mun Wai
https://www.businesstimes.com.sg/op...x-tanked-this-was-no-typical-business-failure
Chinese investors are here.
https://links.sgx.com/FileOpen/Announcement - 19 Feb 2020 pf1.ashx?App=Announcement&FileID=596941
https://links.sgx.com/FileOpen/Announcement - 19 Feb 2020 pf1.ashx?App=Announcement&FileID=596941
Utico can fuck off
https://www.reuters.com/article/brief-utico-updates-on-hyflux-reorganisa-idUSFWN2AJ05C
UTICO ASKS SIAS & HYFLUX TO HOLD PNP VOTE FOR UPFRONT CASH OR A DEFERRED CASH TO BE PAID OUT OVER TWO YEARS WITH INTEREST PLUS BONUS WITHIN 3 WEEKS
https://www.reuters.com/article/brief-utico-updates-on-hyflux-reorganisa-idUSFWN2AJ05C
UTICO ASKS SIAS & HYFLUX TO HOLD PNP VOTE FOR UPFRONT CASH OR A DEFERRED CASH TO BE PAID OUT OVER TWO YEARS WITH INTEREST PLUS BONUS WITHIN 3 WEEKS
Hyflux saga exposed that SIAS gets to be PAID by Hyflux/potential buyer as a adviser.
This is serious conflicts of interests, no wonder they made a lot of recommendations of no common sense in the past.
Bastard. https://www.businesstimes.com.sg/co...independent-let-hyflux-pnp-holders-decide-for
This is serious conflicts of interests, no wonder they made a lot of recommendations of no common sense in the past.
Bastard. https://www.businesstimes.com.sg/co...independent-let-hyflux-pnp-holders-decide-for
Oxley seeking liquidity, issuing >6% SGD bonds
Lacklustre demand, smallest Oxley issue in recent memory, sold $65m bonds for 6.5%pa.
Hyflux potential investor Aqua Munda to bring on Singapore's ambassador to Kuwait as non-executive director
https://www.straitstimes.com/busine...ua-munda-to-bring-on-singapores-ambassador-to
Mr Zainul, currently corporate adviser to Temasek International, was a senior minister of state and member of parliament in the past.
https://www.straitstimes.com/busine...ua-munda-to-bring-on-singapores-ambassador-to
Mr Zainul, currently corporate adviser to Temasek International, was a senior minister of state and member of parliament in the past.
By the way, which investor group asked SIAS for help? SIAS is very anxious about their money and Utico will pay them very well.
https://www.businesstimes.com.sg/co...pnp-town-hall-s15m-in-escrow-for-adviser-fees
It also suggested Hyflux to establish an escrow account and place S$1.5 million in it for the Sias adviser’s fees. Mr Gerald pointed out that the judge recently asked Hyflux to consider whether protection for the provision of advice by the Sias advisers can and should be put in place by the creation of an escrow account.
https://www.businesstimes.com.sg/co...pnp-town-hall-s15m-in-escrow-for-adviser-fees
It also suggested Hyflux to establish an escrow account and place S$1.5 million in it for the Sias adviser’s fees. Mr Gerald pointed out that the judge recently asked Hyflux to consider whether protection for the provision of advice by the Sias advisers can and should be put in place by the creation of an escrow account.
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