Utico meets SIAS and PUB on Hyflux deal

Utico meets SIAS and PUB on Hyflux deal

Singapore, May 26, 2019:

Hyflux white knight investor Utico met with Securities and Investors Association Singapore (SIAS) CEO Mr. David Gerald, following the United Arab Emirates-based company’s offer to hold a town hall for PNP investors, and reiterated its commitment to work for a win-win resolution as an ethical investor.

The meeting which took place last week was attended by Utico’s advisors, White & Case, Emirates NBD Capital (ENBDC) as well as Hyflux advisor, Nicky Tan, Mr. Manoj of Wong & Partners, representatives of Drew & Napier., PWC, and several others.

During the meeting, Mr. Richard Menezes, MD of Utico conveyed that Utico wants a deal that builds goodwill with all stakeholders. This is a requirement of the company’s shareholders and part of Utico’s ethos, he said, further stating that Utico had not caused this situation for PNP and other creditors, and the company was merely working towards investing in Hyflux as a going concern and not as a bankrupt organization.

This can be possible only by retaining the goodwill of all stakeholders, he said.

During the meeting, Utico offered part cash redemption and also a hope for full redemption with a plan and exit option.

“Full details can only be revealed later, but as part of the overall deal, small investors of up to S$2,000 to 3,000 could get 50% cash redemption along with full redemption opportunity while the rest of the investors could get a similar but staggered and cascade deal,” Mr. Richard said.

Utico also met with Public Utilities Board Singapore (PUB) CEO, Mr. N.J. Hee and his team and briefed them about Utico’s intention to acquire Hyflux and to help rebuild Hyflux as a key contributor to Singapore economy in the water sector.