Hyflux unit restructures $121.46m loan for China plant

The loan facility from the Bank of China has been extended a further three years to 2026.

Embattled water treatment firm Hyflux has successfully restructured its loan facility of $121.46m (RMB617m), which has been extended by a further three years to 2026, for its seawater desalination plant in Dagang City, Tianjin province, an announcement revealed.

According to its filing with the local bourse, Hyflux entered into negotiations with the Bank of China (BOC) in relation to the loan agreement between the bank and the firm’s wholly-owned subsidiary Tianjin Dagang (TJDG) Newspring Co.

BOC agreed on the extension plan, with an adjusted repayment schedule reflecting lower annual repayments, which Hyflux noted will ease pressure on the TJDG Newspring plant in the short to medium term.

Also read: Hyflux CEO Olivia Lum vows to get $1 annual salary until firm ends restructuring

“BOC will also be provided with a pledge of the TJDG plant, which is owned by TJDG Newspring,” Hyflux said.

Amidst ongoing talks with potential white knights from the Middle East and China, the water treatment firm has been plagued by fines and fallouts with financial institutions. In April, Maybank ended its collaboration agreement with Tuaspring and Hyflux, whilst two months later, French bank BNP Paribas slapped the firm with a $78.68m claim.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia