U.A.E.-based infrastructure player Utico FZC said early Tuesday it has signed a restructuring agreement to take an 88 percent stake in troubled Hyflux.
When reached for a comment, Hyflux emailed a statement that said “please wait for our SGX announcement to be released.” As of 26 August at 8:33p.m. local time a filing hasn’t been made.
The deal will provide a resolution for creditors and other investors as well as for development projects, a representative of Utico said in a WhatsApp message sent Tuesday.
“With the support of Hyflux board and management, swift action will be taken to bring all projects up to speed as well as take on new projects for the company,” the message said.
Utico added that Hyflux would release a formal announcement later in the day.
Earlier this month, Hyflux had said it would negotiate exclusively with Utico to reach a deal by the 26 August deadline for a definitive agreement.
The troubled water infrastructure player said in mid-August it reached a proposed agreement with Utico, the Middle East’s largest full-service utility and developer, for a S$300 million equity investment and a S$100 million loan. The size of the potential investment, including payouts to small security holders, was later clarified, with Utico valuing the total deal at S$535 million.
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