SINGAPORE (Feb 1): Olivia Lum, controlling shareholder and founder CEO of Hyflux, will be required to make a general offer for HyfluxShop Holdings after the distribution of a dividend in specie is completed, said the Securities Industry Council (SIC) which oversees takeovers in Singapore.

To recap, Hyflux is planning to distribute 70% of the shares in HyfluxShop, the water treatment company's consumer business, to Hyflux's existing shareholders as part of plans to spin off HyfluxShop in a separate listing.

The remaining 30% stake in HyfluxShop will be retained by Hyflux.

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