Hyflux facts for kids
Hyflux was a company that worked on clean water and other sustainable products. It was listed on the Singapore Stock Exchange, which is a place where people can buy and sell parts of companies.
The company started in 1989. It was founded by Olivia Lum, who was also the main leader of the company.
Hyflux was recognized for its work. In 2006, it won the 'Water Company of the Year' award from a group in the UK.
However, Hyflux later faced serious money problems. Because of its large debts, a court in Singapore took over its operations. This happened on 19 November 2020. The court appointed special managers to run the company. Hyflux was officially closed down on 21 July 2021.
Contents
How Hyflux Started and Ended
Early Days of Hyflux
Hyflux began in 1989. It was first called Hydrochem (S) Pte Ltd. The company started with a small amount of money, about S$20,000. It also had only three staff members. Their main business was selling systems that clean water.
Financial Ups and Downs
For a while, Hyflux did very well. In 2008, the company made a profit of S$59 million. But by 2016, its profits had dropped a lot. They were only S$3.8 million that year.
Facing Big Problems
On 21 May 2018, Hyflux stopped trading its shares. The next day, it asked the court for help. The company wanted to fix its money problems and reorganize its business.
In October 2018, two large companies offered help. The Salim Group and Medco Group offered to invest S$400 million. In return, they would own 60 percent of Hyflux. This deal depended on Hyflux settling its debts first.
The Company's Closure
Unfortunately, the company could not find a way to solve its money issues. On 4 June 2021, the special managers asked the Singapore court to close down Hyflux.
On 21 July 2021, the Singapore High Court agreed. Hyflux was officially closed and its assets were sold to pay off debts. The special managers became the people in charge of this process.
