SINGAPORE (Oct 27): Hyflux says that its indirect wholly owned subsidiary, Hyflux Asset Management, has sold its 50% stake in Galaxy NewSpring to Yunnan Water Hong Kong Company for US$136.5 million (S$190 million). Galaxy is in the business of investing, developing, constructing, owning, operating and maintaining water-related infrastructure assets. The remaining 50% stake in Galaxy NewSpring is held by Yunnan Water. The group also explained that the divestment is in accordance to its asset light business strategy, and Galaxy had been classified as an asset held for sale since end 2015. The cash consideration is expected to be deployed for future development for new projects, adds Hyflux.

Source: The Edge Markets October 27, 2016 04:08 UTC