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Sias calls on Hyflux to seek clarity on Utico's less favourable revised offer

The revision stems from lapsing of long-stop date in original offer that had a cash component

Sharanya Pillai

Published Thu, May 28, 2020 · 09:50 PM

Singapore

THE Securities Investors Association (Singapore), or Sias, has called on Hyflux to immediately clarify key aspects of Utico's revised rescue deal, which the investor watchdog dubbed a "bombshell" for holders of Hyflux's Perpetual securities and Preference shares (PnPs).

In a press statement on Thursday, Sias chief executive David Gerald noted that Utico's latest offer to the PnPs is that they will receive shares comprising 5 per cent of Utico and 12.5 per cent of Hyflux as payment, but with no cash component.