Regulators Refusing to Act - Hyflux & Noble Group's Decline

[JustLikeThis]

Utico timed their latest talk with PNP before 14th Oct hearing to buy time for Hyflux. They will definitely claim that the talk was successful with overwhelming support form PNPs.

 

[JustLikeThis]

I think if @Maybe is right about big boys going after Simon Tay and Wong Partnership for their collusion, we can also benefit from it. I feel that we are like Parti Liyani fighting against Liew Mun Leong. CAD and ACRA not taking action after so long. Our jurisdiction's credibility is in doubt.

MAS is also responsible. When I wrote to Finance Minister, a chap from MAS consumer dept replied on this behalf and told me it was commercial.

Aqua Munda's announcement was not made two weeks ago. They have ten more days.

 

[frontier]

hahahahaha FYA!!! Good points. Anyway, an important announcement is coming.

Aqua Munda right?

Please look at today's article from Zaobao
https://www.zaobao.com.sg/realtime/singapore/story20201007-1090854

新科工程旗下的ST Engineering Ventures，参与了CloudSphere的策略投资。通过这项投资，集团可以直接取得云计算管理和治理的软件和专业知识。证投会昨天透露，该公司在会面时向协会了解了凯发优先股和永久证券持有人（统称证券债权人）所关注的事项，以纳入它将对凯发提出的收购计划。

Does it mean that ST Engineering Ventures is interested to take over Hyflux after knowing what perp and pref holder's concerns?

I google for the statement in bold and found that it was used in an article about Aqua Munda.
https://www.zaobao.com.sg/finance/singapore/story20200610-1060029

Does it hint that Aqua Munda is ST Engineering? Or this is just a messy typo error by Zaobao?

 

[Filloz]

Please look at today's article from Zaobao
https://www.zaobao.com.sg/realtime/singapore/story20201007-1090854

新科工程旗下的ST Engineering Ventures，参与了CloudSphere的策略投资。通过这项投资，集团可以直接取得云计算管理和治理的软件和专业知识。证投会昨天透露，该公司在会面时向协会了解了凯发优先股和永久证券持有人（统称证券债权人）所关注的事项，以纳入它将对凯发提出的收购计划。

Does it mean that ST Engineering Ventures is interested to take over Hyflux after knowing what perp and pref holder's concerns?

I google for the statement in bold and found that it was used in an article about Aqua Munda.
https://www.zaobao.com.sg/finance/singapore/story20200610-1060029

Does it hint that Aqua Munda is ST Engineering? Or this is just a messy typo error by Zaobao?

fake news

 

[Dr Christopher Cheok C S]

Please look at today's article from Zaobao
https://www.zaobao.com.sg/realtime/singapore/story20201007-1090854

新科工程旗下的ST Engineering Ventures，参与了CloudSphere的策略投资。通过这项投资，集团可以直接取得云计算管理和治理的软件和专业知识。证投会昨天透露，该公司在会面时向协会了解了凯发优先股和永久证券持有人（统称证券债权人）所关注的事项，以纳入它将对凯发提出的收购计划。

Does it mean that ST Engineering Ventures is interested to take over Hyflux after knowing what perp and pref holder's concerns?

I google for the statement in bold and found that it was used in an article about Aqua Munda.
https://www.zaobao.com.sg/finance/singapore/story20200610-1060029

Does it hint that Aqua Munda is ST Engineering? Or this is just a messy typo error by Zaobao?

When such template errors happen, it means that the article or proof-reading is not handled by locals.

 

[JustLikeThis]

Utico FZC., the Middle Eastern suitor for Singapore’s Hyflux Ltd., said the embattled water treatment company delayed a virtual townhall meeting to give a potential rival time to make an offer to some holders of preference shares and perpetual securities.

Hyflux delayed the townhall that was planned for Saturday to allow Pison Investments time to put forward its proposal, Utico said in a statement, urging for the meeting to go ahead as scheduled or postponed to Sunday. Pison last month said it was still keen to invest in Hyflux.


https://www.bloomberg.com/news/arti...x-delaying-townhall-to-give-suitor-pison-time

 

[Dr Christopher Cheok C S]

Utico FZC., the Middle Eastern suitor for Singapore’s Hyflux Ltd., said the embattled water treatment company delayed a virtual townhall meeting to give a potential rival time to make an offer to some holders of preference shares and perpetual securities.

Hyflux delayed the townhall that was planned for Saturday to allow Pison Investments time to put forward its proposal, Utico said in a statement, urging for the meeting to go ahead as scheduled or postponed to Sunday. Pison last month said it was still keen to invest in Hyflux.


https://www.bloomberg.com/news/arti...x-delaying-townhall-to-give-suitor-pison-time

Talk cock rah, Utico cheapskate want free service from SIAS. If Utico willing to pay SIAS well, they want 24/7 live chat also can be arranged.

 

[Dr Christopher Cheok C S]

Utico timed their latest talk with PNP before 14th Oct hearing to buy time for Hyflux. They will definitely claim that the talk was successful with overwhelming support form PNPs.

LMFAO, now Utico cannot claim they have overwhelming support from retail investors. Why did Temasek save PIL and not Hyflux? Didn't they just sell give up on NOL?

Perpetually over 50000 investors, retirees and their families will hold the government accountable for wiping out their savings.

 

[Dr Christopher Cheok C S]

HYFLUX has asked its Middle Eastern suitor Utico to address concerns flagged by creditor groups before a virtual townhall can be held for the water treatment firm's perpetual securities and preference shares (PnP) investors. The Securities Investors Association (Singapore), or Sias, does not intend to endorse Utico's offer based on its current terms, and that Utico has yet to convince the medium-term note (MTN) informal steering committee and/or the unsecured working group (UWG) to support Utico's current offer.

Utico noted that Sias had received "few responses" to their letter to P&P on Sept 25, which was based on Utico's offer on July 23. Of those who had responded, "majority have accepted Utico's proposal", the Middle Eastern utility provider said, adding that the July offer does not release Hyflux's directors, deeming it acceptable based on a condition put forward by some respondents.

Utico added: "We also noted from the recent Hyflux affidavit, it states Pison (Investments) has made an offer to P&P. This is contrary to the Sias letter of Oct 7. This may also be explained." Pison and Aqua Munda are other potential Hyflux suitors. "It is interesting to note that as per Hyflux's own statement, UWG has asked Pison to ensure P&P agrees to their offer, prior to UWG engaging with investors including Pison," Utico went on to say.

https://www.businesstimes.com.sg/co...ss-concerns-raised-by-various-creditor-groups


Utico very extra, makes me yawn.
Oh ya, monday blues x 2

 

[Revenger]

SMI = S$500 MILLION
UTICO = S$400 MILLION
WIDJAJA = S$300 MILLION

SEE THE PATTERN ?

NOW SGI JUST LOWBALL = S$200 MILLION !
REALLY GONE CASE !

 

[Dr Christopher Cheok C S]

NOW SGI JUST LOWBALL = S$200 MILLION !
REALLY GONE CASE !

SGI's timing is questionable. JM hearing tomorrow, basically their letter shows more interest to buy time.

 

[Filloz]

The court has so far failed to appoint a judicial manager and has for more than two years delayed proceedings due to Hyflux presenting a series of names of potential bidders for the company. “The unsecured working group’s tolerance has been tested to its limit and any trust and confidence in management has long since vanished,” Cosimo Borrelli, managing director at Borrelli Walsh, a restructuring firm advising the banks, wrote in an affidavit in August seen by the Financial Times.

"We’ve reached a point where we cannot tolerate any further depreciation of the company’s value"
- Lawrence Loh, National University of Singapore​

The Monetary Authority of Singapore, the country’s central bank, as well as police and the city’s Accounting and Corporate Regulatory Authority in June launched a criminal investigation into Hyflux and its current and former directors “for suspected false and misleading statements and breaches of disclosure requirements . . . as well as non-compliance with accounting standards”. The probe came more than a year after authorities began an initial review targeting Hyflux.

https://www.ft.com/content/f67feebe-a87c-44f9-bfd7-577252b7b1c9

 

[Filloz]

I heard from the lawyers that the Judge was very moody from Hyflux and another hearing this week. These two hearings are in a mess because of him and he risks being held responsible along with Simon Tay and Wong Partnership.

Lawyers shared that it is not "groundless to establish reasonable suspicious of bias and have him removed from continued hearings".

 

[Dr Christopher Cheok C S]

I heard from the lawyers that the Judge was very moody from Hyflux and another hearing this week. These two hearings are in a mess because of him and he risks being held responsible along with Simon Tay and Wong Partnership.

Lawyers shared that it is not "groundless to establish reasonable suspicious of bias and have him removed from continued hearings".

Good! I hope it will turn out this way!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[poore]

wat a joke. this thing like drag on and on...fucking singapore efficiency

 

[Revenger]

LOL
JUDGE IS HELPING AUNTIE OLIVIA ?

 

[Soul]

But why cannot save hyflux?

Govt can’t rule out rescuing stricken firms vital to S’pore’s strategic capabilities: DPM Heng
Read more at https://www.todayonline.com/singapo...tal-spores-strategic-capabilities-bar-will-be

 

[torchflame]

We have so much excess electricity-production capability, yet we still try to import electricity from Aust and Malaysia. How can these sources be cheaper? Do we want out local power plants to start to go bust and retrench?

If the nation's goal is to diversity our energy sources, the policymakers should make known to us and not let Hyflux float these debts to retail investors. Singapore dug a hole for their own citizens to jump in. Singapore should not only care for glam and glory at the expense of the citizens.

Australia fast-tracks plan to send solar power to Singapore
https://www.straitstimes.com/busine...-tracks-plan-to-send-solar-power-to-singapore

Singapore to import electricity from Malaysia under two-year trial
https://www.channelnewsasia.com/new...icity-malaysia-two-year-trial-energy-13373336

 

[JustLikeThis]

Aqua Munda's announcement was not made two weeks ago. They have ten more days.

I believe the government has a proxy among the suitors, in case they need to launch a bailout.
It is in my personal opinion that Aqua Munda is backed by state. Just my guess.

 

[Dr Christopher Cheok C S]

hihi Temasek!

China's regulators said that ANT Financials is a scam and stopped the IPO. I hope ANT Financials refunded the money to you.

Can you please kindly consider using a small part of the money to save Hyflux?

Many thanks!