Hyflux exits Saudi Arabia project amid debt restructuring woes

SINGAPORE (May 24): Hyflux says it has decided not to go through with a project to develop three desalination plants in Saudi Arabia as a capital injection is now required, in view of its recent financial woes.  

The beleaguered water solutions provider says it has received US$3.5 million ($4.7 million) from the vendor for its work done thus far, and that the project’s cancellation will therefore not impact its financials for the year ending Dec 2018.

Hyflux’s subsidiary, Hydrochem Saudi, was awarded the public tender for the project in Feb 2017 from Saudi Arabia’s state-owned Saline Water Conversion Corporation (SWCC).

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