SINGAPORE (Bernama): Malayan Banking Bhd (Maybank) has decided to terminate the collaboration agreement relating to the divestment of the Tuaspring integrated water and power plant (IWPP) with immediate effect, said water treatment firm Hyflux Ltd. The Singapore-based firm announced today it had received a letter from Maybank terminating the agreement signed with Hyflux and its unit Tuaspring Pte Ltd in July 2018. "(According to Maybank,) this constitutes a breach which is incapable of remedy under the collaboration agreement entitling Maybank to terminate the collaboration agreement,” it added. Hyflux also announced today that it had received notices from Maybank to PUB and the Energy Market Authority of Singapore in relation to the direct agreement between Tuaspring, PUB and the bank dated Nov 21, 2013. The termination of the collaboration agreement is expected to have a material impact on the financial performance of the group, it said.

Source: The Star April 19, 2019 11:37 UTC