Utico has provided Singapore water and energy utility Hyflux a binding offer for a S$400 million investment, Richard Menezes, the CEO of the United Arab Emirates-based utility company, said Sunday, according to a Reuters report.
Menezes also said Utico would provide Hyflux with working capital and urgent interim funding as part of the deal, according to the Reuters report.
Earlier this month, Hyflux had revealed that Utico, the Middle East’s largest full-service utility and developer, is the investor which provided a non-binding letter of intent for a possible S$400 million injection and possible urgent interim funding.
In addition, Hyflux said Friday it received a non-binding letter of intent from Oyster Bay Fund proposing an investment of up to S$500 million.
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