Hyflux gets $300m offer from another white knight

The proposal includes buying up the existing debt of Hyflux.

Struggling water firm Hyflux has received a letter from Indonesian businessman Johnny Widjaja, expressing his interest in investing up to $300m in the group “by the most expedient manner possible,” an SGX filing revealed.

The proposal also includes buying up the existing debt of Hyflux, it adds. The letter further informs that once Widjaja becomes the substantial shareholder of the company or the owner of the said debt, he is prepared to make available $100m of working capital.

“The detailed terms of the proposed investment have not been made available to the Company. Mr Widjaja has further stated, amongst other things, that he would not consider making this investment if the current management of Hyflux, including Ms Olivia Lum and the Board of Directors are removed, or if any member of the Group is placed into judicial management or liquidation,” the filing said.

Widjaja has also provided a letter from a leading Indonesian bank confirming that he has the requisite funds available and is ready, prepared and willing to use these funds to undertake the proposed investment in the water firm.

“The company will be engaging with Mr Widjaja and/or his advisors to obtain further information in respect of the terms of his proposed investment and the company will make the appropriate announcements as and when there are any further material developments in this matter,” Hyflux said.