UAE firm Utico is ‘willing to walk away' from deal with Hyflux: report

The deal is said to have left about 34,000 retail investors in the lurch.

Hyflux’s white knight investor Utico said it is willing to walk away from a deal with the embattled water treatment company, after a little-known firm made an offer for the utility’s debt.

The development is said to have been added complication in Singapore’s highest-profile restructuring case, which has left some 34,000 retail investors in the lurch, with few signs of a resolution emerging after more than 18 months. Hyflux is separately asking for a three-month extension of its debt moratorium.

“We are willing to walk away” if note holders “don’t want us,” Richard Menezes, chief executive officer of Utico, said in a press release. “However, I believe that taking part in the town hall will present the correct forum to know facts and take a decision.”

Also Read

GIC to acquire 25% stake in Reworld™ from EQT Infrastructure

PUB issues $325m green notes at 2.502% fixed rate

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

Vibrant Group wins suit against Blackgold Australia

The group shall be paid damages and fees by Blackgold Australia’s ex-CEO and ex-chairman.

Lorem Ipsum text in year 2025

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.

Agribusiness

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.

Agribusiness

Secondhand furniture gains traction as Singaporeans embrace circular economy practices