The Ondeo group of France has exited a S$250mil Singapore water desalination project consortium by selling its 30% stake to local joint-venture partner Hyflux Ltd. As a result, water treatment systems maker Hyflux now owns 100% of the project consortium, SingSpring Pte Ltd.
“We believe that Ondeo’s decision is the result of its corporate financial restructuring,” Olivia Lum, Hyflux’s chief executive officer and president, said in a statement. “Ondeo’s departure will have no significant impact on SingSpring’s operations.”
Ondeo, part of French utilities giant Suez SA, is said to have sold its stake to Hyflux for “a nominal consideration”.
Hyflux, which did not quantify the purchase price, said that the French group would not pay a penalty for its exit.
SingSpring was awarded a contract in January to build Singapore’s first desalination plant, which is targeted for completion in the second half 2005. – Reuters
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