Hyflux disputes Salim-Medco claims that PUB, Magtaa offtakers actions constitute events for pull out

HYFLUX has disputed Salim-Medco’s assertion that actions by the Public Utilities Board and offtakers or buyers of water from its Magtaa desalination plant in Algeria constitute events which allow the Indonesian group to pull out from its proposed S$530 million investment into the troubled water treatment company.

Hyflux has also disputed the defaults asserted in the notice given by Magtaa offtakers Sonatrach SpA and L’Algerienne des Eaux and their right to termination. It added it had been taking active steps to resolve the matters in the notice and the offtakers had yet to terminate its concession agreement for the Magtaa desalination plant in Algeria despite the notice having expired on Feb 8, 2019.

Nonetheless, if Salim-Medco “wrongfully terminates” the restructuring agreement, Hyflux said it would be able to lay claim to the S$38.9 million deposit which was taken out of Salim-Medco’s proposed investment which was placed into escrow shortly after the agreement was executed.

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