SINGAPORE: Tuaspring has been granted a longer time period in which to remedy defaults related to its water purchase agreement with PUB. The ...
SINGAPORE: Tuaspring has been granted a longer time period in which to remedy defaults related to its water purchase agreement with PUB.from the original deadline of Apr 5 to Apr 30,"subject to conditions". It did not elaborate on what those conditions are.Earlier this month, PUB had issued a default notice requiring the Hyflux subsidiary to"remedy defaults" arising under the agreement.
It also said that it was willing to waive the compensation sum it is entitled to under the agreement, and purchase the desalination plant at zero dollars.Under the water purchase agreement signed with PUB in 2011, Tuaspring has to deliver up to 70 million gallons of desalinated water per day to PUB for a 25-year period from 2013 to 2038.
However, Hyflux’s ability to provide financial support to Tuaspring will depend on whether it is able to complete its restructuring and to obtain investment from its potential"On this basis, PUB has considered request and agreed to extend the default notice period to Apr 30, 2019, subject to conditions," said the agency.
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