The $150 million financing was eventually terminated by Hyflux.
Tuaspring was ultimately financed by a shareholder’s loan of $840.4 million in October 2011. This loan, in turn, was refinanced with Maybank Singapore and Maybank Kim Eng Securities in September 2013.
In an Oct 31, 2011, announcement to the Singapore Exchange, Hyflux said: “In view of internal resources and funds raised from issuance of perpetual preference shares and medium-term notes, Tuaspring will rely on corporate funding to complete the development and construction of the Tuaspring desalination plant and power plant installed on site.”
Hyflux eventually issued preference shares to fund the integrated water and power project. The company’s collapse, due to weak electricity sales, left about 34,000 investors of perpetual securities and preference shares, who had sunk in a combined $900 million, with nothing.
