Hyflux liquidates Indonesian asset for $32 mil in race to restructure debt

SINGAPORE (Nov 20): Hyflux has agreed to sell its 50% stake in PT Oasis Waters International, a manufacturer and distributor of bottled drinking water in Indonesia, for $32 million.

This is below Oasis Waters’ net tangible asset (NTA) value of $32.3 million based on the group’s unaudited financial results for 1Q18, representing a deficit of about $0.3 million in book value.

The liquidation move comes as part of the group’s efforts to streamline its business activities, and to re-focus on its core activities in the infrastructure sector, says Hyflux in a filing on Monday.

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