ENERGY & OFFSHORE | Staff Reporter, Singapore

Maybank demands $33.6m from Hyflux for early termination of hedging deal

The bank designated 4 July as its date of termination.

Malayan Bank Berhad (Maybank) issued a calculation statement to Huflux’s subsidiary Tuaspring demanding for $33.6m over the early termination of one of the firms’ hedging deals.

The 2002 ISDA Master Agreement between the two companies started 22 November 2013. Maybank has designated 4 July as its early termination date in respect of all outstanding transactions under the said deal.

Maybank and Tuaspring entered a number of hedging agreements as part of the desalination plant’s financing arrangements.

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