Hyflux says still finalizing agreement for Utico investment

Fountain gardenFountain and garden

Hyflux indicated late Wednesday that it hasn’t signed a definitive agreement with U.A.E.-based Utico FZC for a white knight investment, pending resolution on some outstanding issues.

That followed a statement from infrastructure player Utico said early Tuesday that it had signed a restructuring agreement to take an 88 percent stake in troubled Hyflux.

“The company and Utico are however in highly advanced discussions and will continue to engage with each other with a view to resolving such final outstanding issues and finalising and entering into the definitive agreement as soon as possible,” Hyflux said in a filing to SGX.

Hyflux also urged its stakeholders to rely on information from the company via SGX announcements or other media.

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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