Hyflux went bankrupt in 2019. 34,000 small investors lost nearly $1 billion in investing in their preference shares and perpetual bonds.
I gave many reasons in 2019 why Hyflux should be saved. They are stated in these articles:
If Hyflux was saved in 2019, they would have been a very profitable company today. Singapore would have retained a prized asset - a home grown company that is a world leader in water desalination.
34,000 small investors would have not lost their savings.
This episode is a sad reflection of the poor state of leadership by our ministers in charge.