Hyflux's potential white knight prepares to launch invitation

The investor assured that they are aware of the tight timelines.

Hyflux's potential white knight Pison Investments told the P&P holders of the embattled water treatment firm that they are currently focussing on the launch of the invitation and on completing the purchase of the utility's eligible debts as soon as possible, an SGX filing revealed.

The company assured the P&P holders and other stakeholders that they are aware of the tight timelines and pressure to complete its debt restructuring exercise.

"Whilst we have not at this point of time addressed the perpetual capital securities and preference shares, we intend to engage with P&P holders through the Securities Investors Association (Singapore) and its advisors as soon as practicable after the close of the invitation," Pison Investments' director Johnny Widjaja told Hyflux in a letter.

On 10 July, Hyflux received an invitation memorandum from Pison Investments, an investment vehicle for Widjaja, offering to purchase debt of the company and its affiliates. The investor has set aside $200m for this purpose.

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