Singapore's Hyflux besieged on several fronts

The distressed utility group, already facing potential legal action in Algeria and from retail investors at home, is now squabbling with two would-be Indonesia white nights.
Investors of Hyflux plan a protest in Singapore, where demonstrations are strictly controlled
Investors of Hyflux plan a protest in Singapore, where demonstrations are strictly controlled

Hyflux appears besieged by unhappy white knights, disgruntled investors and disputes with Algerian companies. It's unclear where the Singapore-listed company goes from here.

On Tuesday it highlighted disagreements with two Indonesian conglomerates that have offered to rescue it, raising the possibility that Salim Group and Medco Group might yet walk away from the distressed firm.

But that could be welcomed by some investors, given the slim pickings they could be left with anyway.

In a statement, Hyflux said it “has tried but has been unable to meaningfully engage” SM Investments the consortium comprising Salim and Medco...

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