Utico provides Hyflux binding agreement

Utico provides Hyflux binding agreement

Following the non-binding agreement that was announced by Hyflux to the Singapore Stock Exchange on 2nd May 2019, Utico today revealed that it has in fact sent a SG$400 million binding agreement to Hyflux to consummate a quick turnaround of the company.

The UAE-based Middle East’s leading full service private utility and developer, said that the agreement includes interim funding possibility as well as engagement with Public Utilities Board (PUB) and retail investors to strike out a win-win deal.

Mr. Richard Menezes , MD of Utico stated that the deal should satisfy the stakeholders of Hyflux and of Utico and for that a full and final interaction with full force is needed failing which a May 28th deadline for the deal signature and 29th hearing for getting extended moratorium looks highly unlikely.
The statement said that this deal has come to this stage after the last white knight investors, SIM of Indonesia, walked off the transaction without a deal after having spent over six months trying to close out an agreement.