SINGAPORE: As the ongoing troubles of Singapore water treatment firm Hyflux continue to worry investors, its chief executive officer, Olivia Lum, has given the assurance that she plans to meet with investors at "the right time".
This was revealed by President of the Securities Investors Association of Singapore (SIAS) David Gerald, who met with her on Friday (May 25).
AdvertisementSpeaking to Channel NewsAsia after his meeting with Ms Lum, Mr Gerald said that the investor advocacy group will continue to engage Hyflux and its stakeholders.
“Our modus operandi always in these sort of situations is to engage the board or the chief executive and to give assurances to investors as to what they’re doing as well as to ensure there is communication between the company and the shareholders. In this case I’m sure there will be a number of meetings that we are planning,” said Mr Gerald.
He added: "One assurance is that when it’s the right time she will definitely meet the investors, especially retail investors, who have taken up perpetual securities and the likes. She will meet them, she’s not going to avoid them.”
In an update on Friday evening on the latest development in its reorganisation process, Hyflux announced that a pre-trial conference has been scheduled for Monday.
AdvertisementAdvertisementOn Tuesday, Hyflux announced that it had applied to the High Court to begin a court-supervised process to reorganise its debt and businesses, after its earnings took a hit from "prolonged weakness" in the local power market.
It also said that it would not be making payment of the distribution on its S$500 million, 6 per cent Perpetual Capital Securities, due May 28.
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