SG Digest: APTT reviews Taiwan cable TV investment; Hyflux sues SM Investments

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APTT is undertaking an independent strategic review of options available for the trust and its investment in Taiwan cable TV, while Hyflux has sued SM Investments over repudiation of a rescue deal, thus claiming S$38.9m deposit.

APTT undertakes an independent strategic review in its Taiwan cable TV investment 

Singapore-based Asian Pay Television Trust (APTT) has announced that it is undertaking an independent strategic review of options available for the trust and its investment in Taiwan Broadband Communications Group (TBC).

The Trustee-Manager of APTT established a special committee, consisting of four independent directors and the Chief Executive Officer, to oversee the strategic review, the company said in a statement.

The trustee-manager is also in the process of selecting an independent financial adviser to assist with the review.

APTT is the first listed business trust in Asia focused on pay-TV businesses. It has an investment mandate to acquire controlling interests to own, operate and maintain mature, cash generative pay-TV and broadband businesses in Taiwan, Hong Kong, Japan and Singapore.

Hyflux sues SM Investments 

Singapore-based water and power company Hyflux Ltd has filed a lawsuit against its former suitor SM Investments (SMI) in the Singapore High Court for the repudiation of the rescue deal and is claiming an S$38.9 million deposit.

In an announcement, Hyflux said that SMI has denied that it has repudiated the Restructuring Agreement.

Hyflux has filed a writ of summons in the Singapore High Court to commence an action against SMI for repudiation of the Restructuring Agreement and has claimed that $38.9 million deposit be placed into its escrow account shortly after the execution of the Restructuring Agreement.

Hyflux will provide updates as and when there are any further material developments concerning this matter.

It has also announced the appointment of nTan Corporate Advisory Pte Ltd as an additional advisor in the company’s ongoing court-supervised reorganisation process.

SMI had earlier this month commented that it was “surprised” by Hyflux’s “purported termination” of the rescue deal, and will be taking legal advice in relation to Hyflux’s action.

Recently, Singapore’s national water agency PUB was in news as speculations were life on whether it would take control of a water treatment plant owned by Hyflux.

Hyflux, which built two of Singapore’s desalination plants, is in the middle of a court-supervised reorganisation, which began last year as the company tried to restructure its debt.

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