Maybank terminates collaboration agreement with Hyflux, Tuaspring

People gather during a protest on Hyflux Ltd. debt restructuring plan in Singapore on March 30. Photographer: Bryan van der Beek/Bloomberg

Malayan Banking Bhd. ended a collaboration agreement with Tuaspring and Hyflux Ltd., the latest in the fallout from the failure of the debt-laden Singapore water and power company.

The termination of the agreement is expected to have a material impact on the group’s financial performance, Hyflux said in a statement to the Singapore Exchange. Maybank also stated its intention to appoint receivers and managers over the assets of Tuaspring, save for its desalination plant and shared infrastructure, according to Hyflux.

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