Friday, July 29, 2011
Hyflux: Fire at warehouse containing equipment for Magtaa project in Algeria. Preliminary estimates put damages at approx US$50m. Project is more than 80% completed but completion will likely be delayed from Aug 2011 to May 2012. The project is covered by insurance and Hyflux will work with insurers to determine the cause and make claims accordingly. Hyflux trades at fwd P/E of 18.0x and Sound Global at 12.8x.