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News - Detailed News Story

Utico says it inked deal worth up to $535m with Hyflux

29 Aug 2019 09:00

Hyflux earlier said it would engage exclusively with Utico until Aug 26, the deadline for the parties to agree to a firm deal. The deal sees Utico taking the 88 per cent stake in Hyflux through a $300 million equity injection and a $100 million shareholder loan. ST FILE PHOTO

By Grace Leong,Business Correspondent

United Arab Emirates-based utility provider Utico said it has "signed and released" a restructuring deal with Hyflux that will give it 88 per cent of the distressed water treatment firm.

The deal, which Utico said is worth up to $535 million, "finds a resolution for creditors and PNP (perpetual securities and preference) investors and development projects that have been languishing since the moratorium in May 2018", the utility firm said yesterday. It added that "swift action" will be taken to bring all projects up to speed and take on new projects.

But Hyflux yesterday declined to comment, saying that an announcement will be made in a filing with the Singapore Exchange.

The Securities Investors Association Singapore said it has not seen any signed deal.

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Source: Straits Times

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