JUST IN: PUB to purchase Tuaspring desalination plant at zero dollars, if the Hyflux subsidiary does not resolve defaults under a water purchase agreement in time
SINGAPORE: National water agency PUB said on Thursday it is willing to purchase the Tuaspring Desalination Plant at zero dollars, if the company is unable to fulfil its commitments under a water purchase agreement.Advertisement
Tuaspring, however, has failed to keep the plant reliably operational as required, PUB said earlier this month. "Current valuation is that the purchase price of the TSDP is negative, and TPL has to pay PUB a compensation sum under the WPA," said the water agency. "This is because PUB is unlikely to recover the compensation sum from TPL, given TPL’s current financial position."It was earlier reported that the termination of the water purchase agreement may jeopardise Hyflux's proposed restructuring by SM Investments – a consortium made up of Indonesian conglomerate Salim Group and energy giant Medco Group.
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