Hyflux

Hyflux: will invest about US$45m in three new water projects in China. Subsidiary have signed 30-yr concession agreements to maintain and operate the plants in Chongqing City. To fund through internal resources. Projected completion of the three plants is end-2012. 2 wastewater plants of 20k cubic m, and 1 potable water plant of 50k cubic m of treatment capacity. No material financial impact for FY11. Co trades at trailing P/E 24.6x and P/B 4.24x, fairly high valuations.