Prizes & Awards

Winner of 2010 EFMD Case Writing Competition Award, Finance and Banking Category


The growth of Hyflux Limited (Hyflux) required it to become more financially sophisticated. As part of its “asset-light” funding strategy – optimising the use of capital by realising asset values early to keep a lean balance sheet - Hyflux spun off 13 water plants to a business trust, Hyflux Water Trust (HWT).

Teaching objectives

To study the different options of funding for Hyflux, the pros and cons of listing a business trust, including the corporate governance issues involved in such a structure, and which is a better investment opportunity - Hyflux or HWT.

  • Project finance
  • Business trust
  • Renewable resources
  • Infrastructure funds
  • Spin-off
  • Water industry
  • Asset light strategy
  • Corporate governance
  • RD0111
  • AR1011
  • AR2011
  • Corporate Governance
  • Corporate Governance for Family Firms