SINGAPORE - Hyflux announced on Tuesday that its subsidiary has been released and discharged from all rights, duties, obligations, claims and demands under a contract for a desalination package in Iran.
Iranian firm Asia Water Development Engineering Company had awarded the project to HIPL in April 2018. Due to the sanctions, Hyflux was unable to maintain the requisite banking support to receive payment from AWDEC for works to be performed under the contract. The novation of the contract is not expected to have a material effect on the financial performance of the Hyflux group.
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