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Related News

Hyflux rescue deal held up by differences within board: Utico

31 Aug 2019 09:00

By Grace Leong,Business Correspondent

Amid conflicting accounts of the status of Hyflux's restructuring agreement, white knight Utico yesterday blamed alleged differences within the Hyflux board for the holdup in the signing of the rescue deal.

The differences involve advisers' fees, board representation and management oversight, the United Arab Emirates-based utility firm said.

Utico's latest statement came after Hyflux issued a clarification near midnight on Wednesday, saying the "definitive agreement has not been entered into by both parties, pending resolution on certain final outstanding issues in the draft definitive agreement".

However, Hyflux said that both parties are in "highly advanced discussions and will continue to engage with each other with a view to resolving such final outstanding issues and finalising and entering into the definitive agreement as soon as possible".

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Source: Straits Times

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