No rescue deal sealed with Utico: Hyflux

But Utico earlier said that it had already inked a deal with the firm.

Embattled water treatment firm Hyflux clarified that it has not signed a definitive deal agreement with Utico, refuting an earlier announcement made by Utico that a rescue deal has been sealed, according to a filing at the Singapore Exchange.

Utico previously said that it had inked a restructuring deal that will give the UAE-based utilities firm an 88% stake at Hyflux.

"The company wishes to clarify that the definitive agreement has not been entered into by both parties, pending resolution on certain final outstanding issues in the draft definitive agreement," the filing read.

"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,” it added.

The UAE-based utilities firm first announced its interest to acquire 88% of Hylux and inject $400m to the water firm last April. In a prior announcement, Utico expressed concerns over the deal’s delay, and set a 26 August deadline to ink agreement.

Furthermore, Utico also noted that the 88% stake in Hyflux could be valued at $535m, higher than the water treatment firm’s equity valuation at $340m.