Hyflux in talks with another potential white knight from China

The potential investor is said to be a subsidiary of a state-owned enterprise that provides power services.

Embattled water treatment firm Hyflux has received a non-binding letter of intent for a potential investment by another possible white knight from China, a filing with the Singapore Exchange (SGX) revealed.

The investor is said to be a subsidiary of a state-owned enterprise specialising in the industrial field, which works on a global scale to provide comprehensive power services. Its other fields of expertise include wind and solar energy solutions, nuclear industry, medical technology and agriculture.

“The investor has previously executed a non-disclosure agreement, and has commenced preliminary due diligence on the group,” Hyflux noted.

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

The latest development comes after Hyflux was slapped with a $78.68m claim from French bank BNP Paribas, which includes the claim amount and handling commission, and fees and charges payable from the period of 1 April 2018 to 8 May 2019.

Hyflux has revealed that it is still continuing its talks with all potential investors, such as Middle Eastern private full service utility and developer Utico, which expressed intent over a possible $400m injection.