SIAS clears position on Hyflux restructuring deal

The association clarifies that it is not backing the deal “at this stage”.

The Securities Investors Association (Singapore) (SIAS) has clarified that it does not back Hyflux’s restructuring agreement as the company has yet to reach a finalised deal, it said in a media statement.

This comes after SIAS previously announced that it is supporting the embattled water firm's decision in applying for a two-month debt moratorium extension. Hyflux made the request to Court to give them more time to facilitate negotiations with its UAE-based potential white knight Utico. The said extension will also help Hyflux pursue other investors in the event that no agreement can be made. 

The proposed rescue deal between the two firms state that Utico will hold 88% stake inof Hyflux.

Also read: Utico's 88% stake acquisition in Hyflux could reach $535m