The Board of Hyflux Ltd (SGX:600) proposed to spin-off 69.61% stake in Hyfluxshop Holdings Pte. Ltd. (Hyfluxshop) on December 28, 2017. The spin-off will be effected by way of a dividend in specie to shareholders in proportion to their respective shareholdings in Hyflux, on the basis of one Hyfluxshop share for every 10 ordinary shares in the issued share capital of Hyflux. Following the transaction, Hyfluxshop is expected to be in a position to consider listing on a recognized stock exchange. The record date of the transaction is February 7, 2018. The distribution is subject to the passing of an ordinary resolution by shareholders to approve the transaction at an extraordinary general meeting of Hyflux to be held on February 1, 2018 and the satisfaction of any regulatory approvals which may be required in connection with transaction. The Directors of Hyflux are of the opinion that the distribution is in the interests of Hyflux and its shareholders. Accordingly, the Directors recommend that shareholders vote in favor of the ordinary resolution relating to the distribution to be proposed at the Extraordinary General Meeting (EGM). The EGM of Hyflux held on February 1, 2018, approved the transaction. The transaction is expected to complete on February 15, 2018. Boardroom Corporate & Advisory Services Pte Ltd acted as registrar and PrimePartners Corporate Finance Pte. Ltd. acted as financial advisor to Hyflux. DrewCorp Services Pte Ltd acted as scrutineer at the EGM. The Board of Hyflux Ltd (SGX:600) completed the spin-off 69.61% stake in Hyfluxshop Holdings Pte. Ltd. (Hyfluxshop) on February 15, 2018. Following the distribution, Hyflux Ltd's shareholding in HyfluxShop has decreased to approximately 30.39%, comprising 34.1 million HyfluxShop shares.