Prizes & Awards

Winner of 2010 EFMD Case Writing Competition Award


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