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Hyflux says no definitive deal yet with potential white knight Utico

31 Aug 2019 09:00

By Vivienne Tay

HYFLUX has rebutted an assertion by potential white knight Utico that they had struck a rescue deal.

In a statement late on Wednesday, the embattled water firm clarified that a definitive agreement had not yet been entered into with Utico, pending resolution on "certain final outstanding issues" in the draft definitive agreements.

It was responding to a statement on Tuesday by Utico that the United Arab Emirates utility firm had "signed and released" a restructuring agreement with Hyflux.

"The company and Utico are, however, 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," Hyflux noted in its statement issued just before midnight.

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Source: Business Times

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