Utico to offer Hyflux PNP investors part cash redemption
Move is to garner shareholders' support, says Utico CEO
Singapore
WITH just days to go before the May 29 High Court hearing on the moratorium of debt-ridden Hyflux, one of its suitors - Utico - said it would offer "part cash redemption" to the retail perpetual and preference shareholders (PNP) to garner their support.
Utico chief executive Richard Menezes said in a statement on Sunday that the Emirati utilities group has at a recent meeting with Hyflux offered "part cash redemption and also a hope for full redemption with a plan and exit option".
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