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Related News

Utico says restructuring agreement inked with Hyflux

29 Aug 2019 09:00

By Vivienne Tay

UTICO said it "signed and released" a restructuring agreement with Hyflux on Monday which will give it 88 per cent of the debt-laden water treatment firm.

"The deal finds a resolution for creditors and PNP investors and development projects that have been languishing since the moratorium in May 2018," the Middle Eastern utility firm said in a statement hours after midnight on Tuesday.

Utico added that with the support of Hyflux's board and management, "swift action" will be taken to bring all projects up to speed, as well as take on new projects. It did not give any details of the agreement signed.

When contacted by The Business Times, Hyflux said that an announcement would be made in a filing with the Singapore Exchange. But no announcement was forthcoming as at press time.

ShareInvestor subscribers have full access to this article. ShareInvestor subscriber, please login to read the 6 remaining paragraph(s).

Source: Business Times

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