SIAS reiterates role in Hyflux deal

They also urge Utico to address the issues they earlier raised.

Securities Investors Association (Singapore) (SIAS) has clarified to Utico that their role is only to facilitate communication between the relevant stakeholders and the preference shares and perpetual securities (P&P) holders of Hyflux, it said in a press release.

This follows after the UAE-based white knight called for SIAS to aid in avoiding Hyflux to fall under judicial management (JM). 

SIAS added that they also act to provide information to P&P holders on the various offers made so as to enable the P&P Holders to make an informed decision when deciding whether to support any offer made by Utico, or any other potential investor.

“It does not intend to endorse Utico’s offer, or any of the other offers made by other potential investors such as Aqua Munda or Pison Investments based on the current terms,” SIAS said in a statement.

In addition, SIAS noted that the issues they called out in its 19 July press statement “have not been satisfactorily addressed” and they urge Utico to address such concerns promptly.

“In order for the restructuring to go through, Utico needs to have a restructuring proposal that is acceptable to all the creditors and not just the P&P holders,” it added.