"By excluding loss-making projects such as the Tuaspring IWPP, potential strategic investors need not factor into their investment proposal the need to keep funding such assets," Ms Lum had said in court papers filed on April 23.
At the heart of Hyflux's troubles lies its expansion into the energy business through Tuaspring, where profits from the power plant were to have been used to subsidise the desalination plant's operation costs. Hyflux clarified yesterday it had received only a draft term sheet from potential white knight United Arab Emirates utility company Utico, contrary to a Reuters report on Sunday that said a binding offer to invest has been submitted.
Source: News Formal (newsformal.com)
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