Utico had submitted a non-binding letter of intent this month to invest in the Singaporean firm.
Monday 13, May 2019 BY KUDAKWASHE MUZORIWA
The Chief Executive of Utico said that the UAE-based utility firm has submitted a binding offer to invest SGD 400 million ($294 million) in Singapore's indebted water treatment company Hyflux.
Richard Menezes, the Chief Executive of Utico, said that the utility firm will provide working capital and any urgent interim funding to Hyflux as part of the offer.
Once lauded as a national champion running a strategically important water source for Singapore, Hyflux is now under a court-supervised restructuring process that is threatening to wipe out the holdings of tens of thousands of retail investors, reported Reuters.