Indonesia's SM Investments throws Singapore's Hyflux rescue into doubt

Photographer: Munshi Ahmed/Bloomberg

An Indonesian white knight, whose proposed investment in Hyflux is crucial for the beleaguered water treatment company’s rescue, said on Thursday that conditions for a deal to restructure the firm had not been met.

In October, SM Investments (SMI), a consortium of Indonesia’s Salim Group and Medco Group, had agreed to acquire 60 percent of Hyflux for S$400 million ($290 million) and also give it a loan of S$130 million. Hyflux, which is currently under a court-supervised restructuring process, was to receive S$30 million as interim working capital until the deal was completed.

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