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Tuesday 27 December 2011

Hyflux's unit signs US$41.21m sale and purchase agreement with JV company


Hyflux Ltd on Tuesday announced that its wholly-owned subsidiary, Spring China Utility Ltd, has entered into a sale and purchase agreement with Galaxy NewSpring Pte Ltd, in relation to the injection by Spring China to Galaxy of its entire equity interest in each of Hyflux Utility WTP (DZ) Pte Ltd and Hyflux Utility WWT (HCHX) Pte Ltd.

Hyflux Utility WTP (DZ) and Hyflux Utility WWT (HCHX) are special purpose vehicles which holds the company's two plants in China. The net tangible asset value of Hyflux's interest in them was US$25.2 million as at Dec 31, 2010.

The aggregate consideration payable by Galaxy under the agreement is US$41.21 million, and payable in tranches. It will be wholly funded in cash.

Galaxy is a joint venture company between Hyflux and Mitsui & Co Ltd to invest, develop, construct, operate and maintain water plants in China.

The Singapore-listed company said that the latest transaction 'has been entered into in furtherance of the intent of the joint venture between the company and Mitsui'.

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