Daily Briefing: Redevelopment plans for Dakota Crescent still in progress; Hyflux adds to Singapore's business stumbles

And Open Innovation platform Agorize raises US$14.6m in series B funding.

From Bloomberg:

Hyflux Ltd. will put its debt restructuring plan to vote this week, leaving its fate in the hands of unsecured creditors. Whatever the outcome, it will mark another entry in the list of fallen Singapore companies.

The Singapore water-treatment and power group is seeking to fix $2.8b (US$2.1b) of liabilities by asking senior lenders to accept haircuts of some 75 percent and junior retail investors of about 90% on their claims. In an April 5 vote on the plan, the creditors will either hand control of Hyflux over to a consortium of Indonesian businessmen, or push the group closer to liquidation.

Elsewhere this week in news on Singapore companies that had previously stumbled, investors were told of the potential for new foreign owners in the city-state’s troubled offshore oilfield services industry.

Read more here.

From PropertyGuru:

The redevelopment plans and design for Dakota Crescent estate are still being worked out, and more details will be shared once ready, said the Ministry of National Development in a written response to Parliament on Monday (April 1).

This was in response to MP Lim Biow Chuan’s query on whether redevelopment plans for Dakota Crescent have been finalised and whether it could share its plans for the six HDB blocks to be retained.

The old estate is set to be redeveloped for public housing.

Under the URA Draft Master Plan 2019, future public housing will be planned around the six former Singapore Improvement Trust (SIT) blocks and the iconic courtyard space.

The ministry revealed that agencies are currently in active discussion with potential community users on the usage of the SIT blocks to be retained.

Read more here.

From e27:

Singapore-based online platform for Open Innovation, Agorize, has announced a US$14.6m in Series B funding led by Creadev. Joining Creadev were Sofiouest and existing equity holders, Iris Capital and Capnamic Ventures.

Agorize stated that the new fund will be used to help the company stepping up its international growth and to meet the demand from corporate companies for Open Innovation solutions.

Using its Open Innovation SaaS (Software as a Service), clients can launch, manage and promote innovation challenges to an active community of five million innovators worldwide including students, developers, startup, designers, and more.

With the completion of this round, Agorize has raised up to US$19m since the startup was founded in Paris in 2011.

Read more here.

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