Irresponsible that the PAP government allowed strategic Hyflux to fall into the hands of foreigners

Hyflux and its creditors can finally heave a sigh of relief. Under a deal with Utico (a utility company from the United Arab Emirates), Hyflux will give up an 88% stake to the latter in exchange for S$585 million. This would give it a much needed financial lifeline that will enable it to continue its operations.

Tuaspring is the largest seawater desalination plant is the whole of South East Asia, capable of supplying 25% of our portable water needs. In short, it was a remarkable achievement and a fairy tale. It was the poster boy of a home-grown company that has achieved extraordinary success in our journey towards water sufficiency and safety.

When it opened to much fanfare in September 2013, several PAP ministers attempted to milk publicity by attending the event.

Nonetheless, it ended up falling on hard times due to the collapse of electricity prices and the rest is history. The most important question that the PAP government has to answer is why did they not save Hyflux, an infrastructure of such strategic importance? Instead, they have allowed it to fall into foreigner’s hands?

In South Korea, the Korean government had in the past extended help to some of their ‘Chaebols’ which were just inches away from their corporate death. The actions of the South Korean government allowed them time and space to nurse back to health and once again compete in the international arena, bringing back huge profits and pride to South Korea.

The reluctance of the PAP government to help Hyflux, a company that is able to supply up to about 25% of our portable water in Singapore must be exposed, highlighted and shamed widely. It is irresponsibility and incompetency of the highest level no less.

 

Simon Lim

 

 

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15 Responses to “Irresponsible that the PAP government allowed strategic Hyflux to fall into the hands of foreigners”

  • HDB flats depreciate to ZERO:

    Utico will get the company by PUB got the water plant.

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  • What about investors at HLP?:

    What about those investors kbkp at HLP?

    Get back $$$ or still losses ?

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  • Darth Vader:

    Here’s something to think about. Utico offered Hyflux $535 million for an 88% share and they accepted. Salim-Medco offered $600 million for a 60% share, a much better deal, and yet Hyflux kept pissing them off until they finally pulled out of the deal

    So, BESIDES the $535 million, WHAT ELSE did Utico offer that Salim-Medco didn’t that made Hyflux accept the less attractive deal?

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  • patriot of TUMASIK:

    No MONEY what Simon…all CPF funds expended on other countries Dead Ducks…need foreign FUNDS to prod up our own Dead Duck leh!!!

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  • opposition dude:

    Don’ expect PAP to bail Hyflux out since that would involve them spending money. You can only expect PAP to bail out Temashit, SMRT and Keppel.

    Sell NOL, Hyflux and the power plants. Eventually if SIA falls on hard times I wouldn’t be surprised if it was sold off too.

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  • Harder Truths:

    The only thing wrong with this is that they got caught.

    You think the rest of the ‘investments’ are in any better condition?

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  • Simon another TKL wannabe:

    Stupid bugger. Both Simon & TKL need to sent to hospice.

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  • MarBowling:

    Tell this HighFlux dilemma to the 69.9%, they will reply it’s NOT their business and may instead tell you to go fly kite and fiack spider…..DO NOT BOTHER THEM with PETTY THING!

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  • tan kin lian is stupid:

    Simon another TKL wannabe:
    Stupid bugger. Both Simon & TKL need to sent to hospice.

    tan kin lian is the more dangerous, since he harbours political ambitions.

    simon lim may be dangerous or may be just harmless dic* seeking attention. as long as simon lim does not have political intentions he is harmless since readers can just skip his posts.

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  • The Other Hard Truths:

    Simon another TKL wannabe:
    Stupid bugger. Both Simon & TKL need to sent to hospice.

    You are far stupider. Simon Lim’s messages make a lot of sense. Please wake up man

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  • Singapore Fooled Again N Again:

    QUOTE “The most important question that the PAP government has to answer is why did they not save Hyflux” UNQUOTE

    It was their agencies’ doings and policies that killed Hyflux. They allowed a public listed company to bid high with little margin for error and then lock them in for the next 20 to 30 years as the current cost yet they flood the market with over supply of electricity and effectively finished off Hyflux there and then.

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  • C is one hello kitty:

    //So, BESIDES the $535 million, WHAT ELSE did Utico offer that Salim-Medco didn’t that made Hyflux accept the less attractive deal?//

    aiyoh. maybe hor or perhaps hor.

    1 million $ offer may include A , B, C, D. maybe early 1 million $ investor was eyeing Bihar Spring in his maths ?

    800K offer may include A , B, C (actually C is one hello kitty) ?

    and besides, once the 1 million $ offer has been pulled out , one is left with lesser options with the next best suitor who likes hello kitty more than anything else ?

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  • Bapak:

    They stepped in for the LJ YEO xxx Tong, didnt they? Hyflux woman was once invited by the wood to join pap she turned them down. Would be different case if she did.

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  • Bobo:

    Quote: The most important question that the PAP government has to answer is why did they not save Hyflux, an infrastructure of such strategic importance? Instead, they have allowed it to fall into foreigner’s hands?

    We know that there’re unlimited Holes to patch up,and how deep is each hole also no outsider know. We are exhausted already. Perhaps have to wait for new ruling party to crack their heads on how to recover back all the monies wasted or disappeared like nobody business.

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  • Singaporean Kong Come.:

    When it opened to much fanfare in September 2013, several PAP ministers attempted to milk publicity by attending the event.
    Nonetheless, it ended up falling on hard times due to the collapse of electricity prices and the rest is history. As U know Pap culture, they do business without capital. If U R unable to accumulate wealth for them, they let it fall, Remember that Emeritius Woody Goh (Emeritius= Expired Minister Getting Ridiculoue Salary) quoted, if U cannot do, let other people do it.

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