Hyflux clarifies meeting with Utico

Singapore five-dollar note Photo by Leslie Shaffer

Hyflux clarified Tuesday that its meeting last week with potential investor Utico included “no conclusive numbers” or a finalized deal.

The clarification was prompted after the Straits Times cited Utico CEO Richard Menezes  as saying the UAE-based company had offered small Hyflux investors of up to S$2,000 to S$3,000 a 50 percent cash redemption and a full redemption opportunity, while other investors could get a similar, cascade deal.

Hyflux said the meeting last week was attended by representatives of Utico, Hyflux, the Securities Investors Association (Singapore), and the informal steering committee for perpetual securities holders and preference shareholders, or P&P ISC and P&Ps.

“The discusssion at the meeting was focused on high-level views which entailed no conclusive numbers or percentages, or indeed any binding agreement,” Hyflux said in a filing to SGX Tuesday.

“The company and its advisers understand that the statements quoted in the article are exploratory in nature and are approaches currently contemplated by Utico,” Hyflux said.

The Singapore water company added it hasn’t entered into a binding agreement with Utico and it is still in talks with other parties.

“Investors are urged to rely on information provided by the company in its announcements and disclosures through SGXNet,” Hyflux said.

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