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Hyflux
15-11-2019, 08:30 AM.
Post: #561
RE: Hyflux
Here comes the domino chain:

https://asia.nikkei.com/Business/Energy/...-Singapore

"SINGAPORE -- Struggling Singaporean utility Senoko Energy is requesting a rescue package of lending and other support from the government to ride out a supply glut expected to persist for a few more years.

Senoko has asked to borrow an estimated 100 million to 200 million Singapore dollars ($73 million to $146 million).
"With the severe business outlook for the next year or two creating the risk of a shortage of operating capital, the utility is battening down the hatches," said an official at Marubeni, the Japanese trading house that acquired Senoko with four partners more than a decade ago.

Senoko is also lobbying for the government to create a system that guarantees an assured revenue stream under long-term contracts, regardless of power plant utilization.
Singapore's energy supply has outstripped demand. To diversify sources, the government in 2010 began offering preferential measures for facilities fired by liquefied natural gas. This spurred launches of new power stations, starting in 2013, and the industry's supply capacity is now double the city-state's peak demand. Proceeds from electricity sales are not enough to cover costs for fuel, maintenance and financing. Overcapacity is expected to continue until around 2022.

Senoko was bought for SG$3.65 billion in 2008 by Kansai Electric PowerKyushu Electric Power; the Japan Bank for International Cooperation; Marubeni; and French company GDF Suez, now Engie. The Singaporean company slipped into the red in 2016, and its net loss widened to about SG$400 million in 2018.

Senoko refinanced SG$2.1 billion in loans this May. An agreement was also made for certain shareholders to provide more cash in the event of a funds shortage, according to a source close to the matter."

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20-11-2019, 01:27 PM.
Post: #562
RE: Hyflux
Senoko Energy clarifies that it does not need more Government funding in ‘foreseeable future’
https://www.channelnewsasia.com/news/bus...g-12106380

Senoko Energy clarifies it does not need government financial aid
https://www.businesstimes.com.sg/energy-...ancial-aid

The company spokesman told The Business Times (BT) this week that the utility firm does not need further government aid, given that it achieved positive cash flow in fiscal 2018 and also recently refinanced.

Some power generation companies in Singapore including Senoko had earlier explored with the industry regulator, the Energy Market Authority (EMA), the possibility of loan facilities to help sustain and grow the power generation industry, according to the spokesman.

fake news previously? or at least very misleading news.

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26-11-2019, 02:57 PM.
Post: #563
RE: Hyflux
Hyflux inks S$400m rescue deal with Utico
https://www.businesstimes.com.sg/compani...with-utico

Meanwhile, each holder of Hyflux preference shares and perpetual securities (PNP) can choose from two options under the schemes.

The first option is to receive an upfront cash payment that is the lower of S$1,500 or 50 per cent of their holdings each. The total principal amounts payable under this option will be capped at S$50 million.

The second option for PNP investors is to receive a cash amount that is the lower of S$1,500 or 50 per cent of their holdings each, but the latter will be paid out over two years in five equal instalments with a yearly interest of 1.25 per cent.

PNP investors who choose the second option will also receive an additional cash payout. If shares of Utico or an affiliate are listed within two years of the transaction’s completion date, this additional payout will the higher of either the cash equivalent of 4 per cent of issued shares at the listing price or S$50 million. If such listing does not occur within the two years, the additional payout will be S$50 million.

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