SINGAPORE, April 4 - An Indonesian white knight has dropped its proposed deal to invest in water treatment company Hyflux, ending an agreement that was seen as a lifeline for the beleaguered Singaporean firm.
Hyflux said in a statement on Thursday that SM Investments, a consortium of Indonesia's Salim Group and Medco Group, has terminated the agreement between the companies. In October 2018, SM Investments had agreed to acquire 60 percent of Hyflux for S$400 million and give it a loan of S$130 million.
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