Hyflux Ltd (SGX:600) seeks to sell Tuaspring Pte Ltd. Hyflux Ltd (SGX:600) wishes to announce that following negotiations with Malayan Banking Berhad (KLSE:MAYBANK), Hyflux, Tuaspring and Maybank have reached agreement in respect of the process for the divestment of Hyflux's interest in Tuaspring's Integrated Water and Power Project. Maybank is Tuaspring's only secured creditor. It has provided Tuaspring with banking facilities which are secured by various collaterals and securities over Tuaspring's properties and assets, including its Integrated Water and Power Project.

Hyflux will continue to seek potential investors with a view to divesting its interest in Tuaspring's Integrated Water and Power Project. Hyflux is to execute a binding agreement with a successful bidder or investor by October 15, 2018, obtain approval for the transaction from Maybank, the Public Utilities Board and/or the Singapore High Court (if necessary) by December 11, 2018 and obtain the approval of the shareholders by February 4, 2019.